Key Points of IndiGrid NCD Funding From IFC:
- IndiGrid is a power infrastructure investment company in India, and the International Finance Corporation (IFC) has subscribed to its listed non-convertible debentures (NCD) issuance worth Rs 1,140 crore.
- The NCD has a tenure of 18 years, and it was priced competitively and fixed for a long tenure.
- IndiGrid plans to use the debt to fund its upcoming refinancing opportunities in FY 24.
- IndiGrid is the first infrastructure investment trust in the Indian power sector, owning 17 power projects, including 46 transmission lines, 13 substations, and 100 MW (AC) of solar generation capacity.
- IFC is one of the most reputed multilateral institutions in the world, and their investment in IndiGrid highlights their joint commitment to modernize and build a robust and reliable transmission system in India.
- The investment manager of IndiGrid is wholly owned by KKR, and the company has assets under management (AUM) of over Rs 22,700 crore ($2.7 billion).
- This long-term financing from IFC is in alignment with IndiGrid’s strategy aimed at ensuring a robust balance sheet and maintaining the highest standards of governance and sustainability practices.
Details of IndiGrid NCD Funding From IFC:
India Grid Trust (IndiGrid), a power infrastructure investment company, has announced that the International Finance Corporation (IFC) has subscribed to a listed non-convertible debentures (NCD) issuance worth Rs 1,140 crore. The NCD, which has a tenure of 18 years, was priced competitively and fixed for a long tenure. IndiGrid plans to utilize this debt to fund its upcoming refinancing opportunities in FY 24.
Harsh Shah, the CEO of IndiGrid, expressed his delight in welcoming IFC as investors in their NCDs. He also mentioned that IFC is one of the most reputed multilateral institutions in the world. IndiGrid is the first infrastructure investment trust in the Indian power sector, owning 17 power projects, consisting of 46 transmission lines with more than 8,416 ckms (circuit kilometers) length, 13 substations with 17,550 MVA transformation capacity, and 100 MW (AC) of solar generation capacity.
“This long-term financing from IFC is in alignment with IndiGrid’s strategy aimed at ensuring a robust balance sheet. This partnership also solidifies the commitment of IndiGrid to maintain the highest standards of governance and sustainability practices,” Shah added.
Isabel Chatterton, IFC’s Regional Industry Director for Infrastructure in Asia and the Pacific, stated that the investment in IndiGrid highlights their joint commitment to modernize and build a robust and reliable transmission system in India. IndiGrid has assets under management (AUM) of over Rs 22,700 crore ($2.7 billion). The investment manager of IndiGrid is wholly owned by KKR.
“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,” Chatterton added. This investment will help IndiGrid maintain a robust balance sheet, and it will be beneficial for their upcoming refinancing opportunities in FY 24.
About IndiGrid:
India Grid Trust is an investment trust focused on the power sector in India, with sponsorship from KKR and Sterlite Power. The entity was established on October 21, 2016, and it is registered with SEBI under the InvIT regulations to acquire power transmission and renewable assets.
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