IFC Backs India's Largest Battery Storage Project in Gujarat

The International Finance Corporation (IFC), part of the World Bank Group, has announced a substantial investment in building India's largest battery energy storage system in Gujarat. The IFC has committed Rs 460 crore to the project, aiming to enhance grid stability and support Gujarat's clean energy objectives.

This financing agreement includes USD 55 million, with USD 38.5 million from IFC directly and an additional USD 16.5 million from the Clean Technology Fund. The investment is part of IFC's mission to expand reliable, affordable electricity in emerging markets and supports India's transition to a cleaner energy mix.

IndiGrid Managing Director Harsh Shah highlighted the project as a strategic milestone for clean infrastructure advancement. As India targets 500 GW of clean energy capacity by 2030, battery storage presents a vital solution in overcoming grid stability challenges, allowing for greater integration of renewable resources like solar and wind.

(With inputs from agencies.)