Apraava Energy said that it had raised ₹800.9 crore (approximately $92 million) from British International Investment (BII) and Standard Chartered. This deal shows how two UK institutions may work together to route commercial and development finance capital into a crucial area for India's energy transition.
Key Highlights
- Apraava Energy secures $92 million funding from BII and Standard Chartered to accelerate clean energy growth.
- Investment will support Apraava’s renewable expansion, strengthen sustainability initiatives, and enhance long-term energy infrastructure.
Apraava Energy entered financing arrangements with BII for ₹400.5 crore ($46 million) and another agreement for ₹400.4 crore (approximately $46 million) with Standard Chartered. The combined facility will help Apraava expand its Advanced Metering Infrastructure (AMI) footprint and advance India's energy transition objectives.
In order to increase efficiency, lower losses, and promote sustainability, India's power industry is going through a major transition.
While progress has been made, distribution utilities continue to face issues such as high distribution losses. To solve this, the Government of India launched the ₹3 lakh crore (approximately $35 billion) Revamped Distribution Sector Scheme (RDSS).
A crucial component of RDSS is the development of AMI - a smart meter network that is supposed to increase grid efficiency, promote transparency, and offer a more sustainable power distribution system by incorporating renewable energy. The government has set an ambitious objective of installing 250 million smart meters by 2026.
Samir Ashta, Director Finance & CFO at Apraava Energy, said, “With this financing, we’re scaling up our smart metering efforts. We are pleased with our performance in AMI, which includes the fastest go-live in Himachal Pradesh and the first operational go-live of an RDSS project in India in Assam."
Apraava offers a full, end-to-end AMI solution and is well poised to expedite the smart metering adoption in the country under the plan. Its AMI footprint runs across numerous states with an objective of installing roughly 7.8 million smart meters.
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Standard Chartered and BII’s investment will enable Apraava to install over c.2 million smart meters in homes and businesses. The smart meters will help to make India’s grid system become more efficient, reliable, and sustainable. This will make it possible to integrate renewable energy sources more effectively, lower overall technical and commercial losses, and ultimately lower emissions.
Shilpa Kumar, Managing Director and Head of India at British International Investment, stated, “As the UK’s development finance institution, we play a catalytic role in accelerating this transition by partnering with innovative companies like Apraava and financiers like Standard Chartered. Our assistance to the business will improve service quality, increase grid efficiency, and help lower greenhouse gas emissions."
"India is a key sustainable finance market for Standard Chartered, and we are committed to supporting the country's ambition to reduce overall carbon emissions and expand sustainable practices," stated Prasad Hegde, Regional Head for Infrastructure & Development Finance Group India and South Asia.
