Avendus Capital advises IndiGrid on the creation of a USD 300 million asset development platform

Indian power sector is going through a metamorphosis to facilitate achievement of the country’s net zero goals. The transmission sector is witnessing a bidding pipeline like never before which we are looking to leverage to drive growth. This partnership will ensure that while IndiGrid continues to look for synergistic brownfield projects to acquire, we can also meaningfully create a growth pipeline for us in the under-construction space. We are delighted to have partnered with reputed names like BII and Norfund as they will lend their credibility to the new platform while guiding it in implementation of best-in-class ESG and corporate governance practices.

Norfund recognizes the crucial role that investments in transmission infrastructure play in achieving the Indian government's ambitious renewable energy targets. Unlocking capital to accelerate the energy transition is a central theme at COP29 in Baku, and we are delighted to announce this new partnership, which exemplifies our commitment to mobilizing the necessary capital.

The launch of EnerGrid further demonstrates how BII is pioneering investment in climate finance to mobilise private capital at scale. Significant investment is required for India to meet its ambitious net zero target, especially in developing the country’s transmission infrastructure and energy storage capacity. This partnership will help to attract more private capital into a critical sector, which will facilitate the growth of renewable energy supply to meet growing energy demand sustainably and accelerate India’s journey towards a greener future.

We are delighted to have worked with IndiGrid on this transaction, recognizing their exceptional credentials and proven track record in energy transmission and storage. This deal was stitched with a thorough understanding of the investors' objectives, informed by our previous collaborations. Both BII and Norfund have existing exposure to India’s growing renewable energy platforms and a clear vision to further their energy transition commitment. On the other hand, IndiGrid boasts a highly experienced team, providing robust development capabilities to the platform. This partnership will enhance the expansion of transmission and storage infrastructure, critical for sustainably meeting the burgeoning energy demand through renewable sources. We expect this to be a long-lasting partnership, as BII, Norfund, and IndiGrid share aligned values and objectives.