IndiGrid, India’s first listed power sector Infrastructure Investment Trust (InvIT), today announced that International Finance Corporation (IFC) has subscribed to a listed NCD issuance of IndiGrid aggregating to INR 1,140 crores. With a total tenure of 18 years, the NCD were priced at a competitive rate that is fixed for a long tenure. IndiGrid plans to utilize this debt for funding its upcoming refinancing opportunities in FY 24.
Commenting on the agreement, Harsh Shah, Chief Executive Officer of IndiGrid, said,” IFC is one of the most reputed multilateral institutions across the world. We are extremely delighted to welcome them as investors to our NCDs. This long-term financing from IFC is in alignment with IndiGrid’s strategy aimed at ensuring a robust balance sheet. This partnership also solidifies commitment of IndiGrid to maintain highest standards of governance and sustainability practices.”
Commenting on the investment, Isabel Chatterton, IFC’s Regional Industry Director for Infrastructure Asia and the Pacific, said, “IFC’s investment in IndiGrid underlines our joint commitment to modernize and build a robust and reliable transmission system in India. Our support will help expand and diversify capital sources for critical power infrastructure, demonstrating the viability of innovative market financing to meet sustainable development goals. We aim to improve access to reliable power for millions of people across the country, ensuring sustained energy access for years to come.”
IndiGrid [BSE: 540565 | NSE: INDIGRID] is the first Infrastructure Investment Trust (“InvIT”) in the Indian power sector. It owns 17 power projects, consisting of 46 transmission lines with more than ~8,416 ckms length, 13 substations with ~17,550 MVA transformation capacity and 100 MW (AC) of solar generation capacity. IndiGrid has assets under management (AUM) of over ~₹ 227 billion (~USD 2.7 billion). The investment manager of IndiGrid is wholly owned by KKR.
For more details, please visit www.indigrid.co.in
About International Finance Corporation: IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2022, IFC committed a record $32.8 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises.