IFC & IndiGrid to Build India’s Largest Battery Storage Project

• IFC invested ₹460 crore in IndiGrid’s battery storage project in Gujarat.
• Supports Gujarat’s 100 GW renewable energy target by 2030.
• Enhances grid stability and enables solar and wind integration.

IFC, a member of the World Bank Group, are investing ₹460 crore ($55 million) in IndiGrid to develop India's largest standalone battery energy storage system (BESS) in Gujarat. The project helps the state achieve its clean energy goals by stabilising the grid and providing reliable power during peak demand periods.

IFC is providing $38.5 million from its own account, and $16.5 million in concessional financing from the Clean Technology Fund within the framework of the Climate Investment Funds by the World Bank. This will be in the form of listed non-convertible debentures.

The project marks a huge step toward a clean energy future in India and will contribute to Gujarat's renewable energy target of 100 GW by 2030. It can also serve as a model for other states as they move to renewable energy.

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Expanding access to reliable, affordable electricity is central to development and IFC's mission in emerging markets. Battery energy storage is critical for diversifying India's energy mix and ensuring clean power is available when demand is highest", said Imad N Fakhoury, IFC Regional Director for South Asia.

As India aims toward 500 GW of clean energy capacity by 2030, there will be challenges associated with integrating solar and wind power into the electricity grid due to increasingly intermittent nature of demand and supply, whereby utilities face challenges with grid stability, load balancing, and dispatched reliability.

As a result, utility scale battery storage systems like this will play a critical role to compensate for these changes in energy supply and demand, so that energy can be used and grid is more reliable, to encourage more renewable energy advancement across the country.

Harsh Shah, IndiGrid Managing Director said, "With IFC's support, we are proud to lead the deployment of one of India's first and largest BESS assets in Gujarat. This project represents a strategic milestone in building next-generation infrastructure that is clean, resilient, and future-ready".