IndiGrid Investment Managers (IIML), the investment management arm of IndiGrid, a Mumbai-based power transmission and renewable energy company, has approved a board resolution to raise ₹15 billion (~$169 million).

The fundraise may be carried out through a rights issue to eligible unitholders, a preferential issue, an institutional placement, or any other mode permitted by law.

The capital raise will be subject to approvals from statutory, regulatory, and other authorities. IIML will also seek unitholder approval for the proposed raise, either through an extraordinary general meeting or a postal ballot.

The company reported assets under management of ₹325.4 billion (~$3.67 billion). Its network comprises approximately 9,336 circuit km of transmission lines and around 25,050 MVA of transformation capacity spread across 53 transmission lines and 16 substations.

In the renewables segment, IndiGrid owns 20 solar projects with an installed generation capacity of 1.15 GW. Its portfolio also includes 450 MW/900 MWh of battery energy storage capacity.

Spanning Rajasthan, Andhra Pradesh, Tamil Nadu, Maharashtra, Uttar Pradesh, and Gujarat, its solar assets include the 300 MW RSUPL plant in Jaisalmer, acquired in the financial year 2024, which alone generated over 708 million units in the financial year 25 with a CUF of nearly 27% under a long-term power purchase agreement with SECI at a tariff of ₹2.71/kWh.Alongside its solar portfolio, IndiGrid has entered India’s grid-scale battery energy storage space. It commissioned the 20 MW / 40 MWh Kilokari BESS project, the country’s first regulated standalone utility-scale storage system, in Delhi in March this year.

The company is currently constructing two of the country’s largest upcoming BESS facilities, a 180 MW/360 MWh project in Gujarat scheduled for completion by March 2026, and a 250 MW/500 MWh project in Rajasthan.

With these additions, its storage pipeline now stands at 450 MW /900 MWh.

In July this year, the International Finance Corporation and IndiGrid announced a partnership to develop a 180 MW/360 MWh standalone battery energy storage system project in Gujarat.

In June this year, IndiGrid announced that it will acquire ReNew Surya Aayan and Koppal–Narendra Transmission for a total enterprise value of ₹21.08 billion (~$246 million).