IndiGrid Infrastructure Trust , India's first power sector Infrastructure Investment Trust (InvIT), has announced a significant move to bolster its energy storage portfolio. The company has executed a definitive agreement to acquire a 187.5 MW/750 MWh Battery Energy Storage System (BESS) project in Uttar Pradesh from Enerica ReGrid Infra Private Limited.

Key Details of the Acquisition

• The acquisition involves purchasing 100% shareholding of Enerica Infra 3 Private Limited, which holds a Battery Energy Storage Purchase Agreement (BESPA) with SJVN Limited.
• The enterprise value for the acquisition is capped at INR 7,056.00 million, subject to closing adjustments.
• The project is expected to generate annual revenue of approximately INR 810.00 million.
• It operates under a 15-year concession period following a Build Own Operate (BOO) model.

Strategic Implications

This acquisition marks a significant step in IndiGrid's expansion into the energy storage sector, aligning with India's push towards grid stability and renewable energy integration. The BESS project's substantial capacity of 750 MWh positions IndiGrid as a key player in addressing the intermittency challenges associated with renewable energy sources.

Timing and Completion

The acquisition is set to be completed one year after the project achieves its Commercial Operation Date (COD). This structure allows IndiGrid to mitigate development risks while securing a strategic asset in the rapidly evolving energy storage market.

Related Party Transaction

It's worth noting that the seller, Enerica ReGrid Infra Private Limited, is considered a related party due to having a common director with IndiGrid's Investment Manager. However, IndiGrid has emphasized that the transaction will be conducted at arm's length pricing, ensuring compliance with relevant regulations.

Market Impact

This move by IndiGrid demonstrates the growing importance of energy storage in India's power sector. As the country aims to integrate higher percentages of renewable energy into its grid, BESS projects like this one will play a crucial role in maintaining grid stability and reliability.

The acquisition also reflects IndiGrid's strategy to diversify its asset portfolio beyond traditional transmission infrastructure, positioning itself as a comprehensive player in India's evolving energy landscape.

As the energy transition accelerates, IndiGrid's investment in large-scale battery storage showcases the trust's commitment to supporting India's clean energy goals while potentially opening up new revenue streams in the rapidly growing energy storage market.

IndiGrid Infrastructure Trust , a leading infrastructure investment trust, has successfully completed its INR 1,900 crore debt securities issuance with the receipt of the final pay-in amount. The trust recently received INR 190 crore as the third and final installment from debt security holders, completing the full subscription of its Series AH non-convertible debt securities.

Series AH Debt Securities - Complete Structure

The Allotment Committee of IndiGrid Investment Managers Limited initially approved the allotment of 190,000 non-convertible debt securities designated as Series AH. Following the completion of all pay-ins, these securities now feature:

Final Pay-in Completion

On December 23, 2025, IndiGrid Infrastructure Trust received INR 190 crore as the third and final pay-in from debt security holders. This payment was made according to the record date specified in the Key Information Document dated July 28, 2025. Consequently, the paid-up value of Series AH debt securities has been revised from INR 90,000 to the full face value of INR 1,00,000 per security.

Updated Listing Details

Following the final pay-in, the securities have been assigned a new ISIN INE219X07579, reflecting the revised face value. The updated securities are now listed on BSE Limited, with the listing notice available on the BSE website. The trust has informed both BSE and NSE about this change in paid-up value under Regulation 51 of SEBI regulations.

Strategic Debt Portfolio Management

This completion adds to IndiGrid's comprehensive debt portfolio management strategy. The trust has been actively managing multiple series of debt securities:

Market Impact and Future Outlook

The successful completion of this INR 1,900 crore debt securities issuance demonstrates strong investor confidence in IndiGrid Infrastructure Trust. The AAA credit rating and structured pay-in approach have provided investors with flexibility while ensuring the trust's capital requirements are met systematically.

This substantial capital raise positions IndiGrid to pursue growth opportunities in India's infrastructure sector. The long-term nature of these securities, with a 22-year tenure, aligns with the trust's infrastructure investment strategy and provides stable, long-term funding for its operations and expansion plans.