### **Overview** IndiGrid Infrastructure Trust (IndiGrid) is India’s first and largest publicly listed Infrastructure Investment Trust (InvIT) in the power sector, established in 2016 with the objective of democratizing ownership in critical power infrastructure. Backed by global investment firm KKR, IndiGrid has evolved into a diversified energy infrastructure platform with a strategic focus on long-term, de-risked, and predictable cash flows. As of November 2025, the Trust manages **Assets Under Management (AUM) of approximately ₹325 billion**, operating across 20 Indian states and 2 Union Territories. --- ### **Strategic Evolution and Business Model** IndiGrid has transitioned from a passive asset acquisition model to an **active infrastructure developer**, positioning itself at the forefront of India’s clean energy transition. The Trust now participates not only in acquiring operational assets but also in **greenfield development**, particularly in power transmission and battery energy storage systems (BESS). Its disciplined capital allocation strategy emphasizes: - Rigorous due diligence - Geographic and technological diversification - Evaluation of both acquisitions and greenfield projects - AAA-rated stable cash flows with minimal counterparty risk - Long-term revenue visibility via pre-contracted availability-based tariffs The investment manager of IndiGrid is fully owned by KKR, providing strategic direction, financial strength, and access to global best practices. --- ### **Portfolio Diversification (As of Nov 2025)** #### **1. Transmission Infrastructure** - **18 operational transmission projects**, contributing to **~9,336 circuit kilometers (ckms)** of transmission lines - 16 substations with a total transformation capacity of **~25,050 MVA** - Includes inter-state (ISTS), intra-state, and captive consumption assets - Strategic projects such as: - **Kallam Transmission Limited (KTL)**: First greenfield project, evacuating 1 GW of renewable energy in Maharashtra - **Ratle Kiru Power Transmission Ltd (RKPTL)**: Key hydro power evacuation project from Jammu & Kashmir - **NER-II Project**: Enhances grid reliability in Assam, Arunachal Pradesh, and Tripura; serves as a corridor for cross-border power export to Bangladesh - **Gurgaon-Palwal Transmission Project (GPTL)**: Features India’s first vertically mounted GIS (Gas-Insulated Substation), reducing land use and supporting ESG goals #### **2. Solar Generation** - **20 operational solar projects**, with total installed capacity of **~1.1 GWp (DC)/1.5 GWp (AC)** - All projects have **20–25-year Power Purchase Agreements (PPAs)** with creditworthy off-takers such as SECI, NTPC, TANGEDCO, and GUVNL - Average remaining PPA life: **~19.6 years** - Located in high solar irradiance zones (Rajasthan, Tamil Nadu, Madhya Pradesh, Gujarat) for optimal generation - Notable projects: - **Godawari Green Energy Limited (GGEL)**: 50 MW Concentrated Solar Power (CSP) plant in Rajasthan (parabolic trough technology) - **ReNew Solar Urja Pvt Ltd (RSUPL)**: 420 MWp solar asset (India’s largest single-site solar acquisition by an InvIT) - **Terralight Solar Energy units**: Multiple projects in Rajasthan, Madhya Pradesh, and Tamil Nadu with strong operational track records - EBITDA margin: **~80–85%**, supported by low variable costs and high operational availability (>98%) #### **3. Battery Energy Storage Systems (BESS)** - India’s **pioneer in standalone, utility-scale BESS development** - **1 operational BESS**: Kilokari BESS Pvt Ltd (KBPL) – 20 MW/40 MWh (Delhi) – first regulated standalone BESS in India - **2 under construction**: - **Gujarat BESS Pvt Ltd (GBPL)**: 180 MW/360 MWh - **Rajasthan BESS Pvt Ltd (RBPL)**: 250 MW/500 MWh - Upon full commissioning, **total BESS portfolio will reach 450 MW / 900 MWh** - Projects secured through Tariff-Based Competitive Bidding (TBCB) with build-own-operate (BOO) models - 12-year revenue contracts (BESPAs) with availability-based payments, similar to transmission, ensuring stable EBITDA margins (~90%) --- ### **Development and Growth Platform: EnerGrid** IndiGrid has launched **EnerGrid**, a **greenfield development platform** in partnership with: - **British International Investment (BII)** - **Norfund (Norwegian Climate Investment Fund)** - **Platform Capital**: $300 million (₹~2,500 crores), co-sponsored by development finance institutions - **Purpose**: Develop early-stage transmission and standalone BESS projects in India with eventual acquisition by IndiGrid post-commissioning - **Strategic Rationale**: Overcomes SEBI regulatory cap of 10% AUM limit on under-construction assets (~₹3,250 crores), enabling scalable greenfield execution - As of Nov 2025: - Over 50% of committed capital already allocated - Secured **INR 19+ billion worth of projects in FY2025–26** - Pipeline includes 4 greenfield ISTS transmission and 2 BESS projects - Strengthening IndiGrid’s control over quality, timelines, and sustainability in infrastructure development --- ### **Execution Capability and Greenfield Development** IndiGrid has successfully demonstrated execution prowess, transitioning into greenfield development: - Commissioned **Kallam Transmission Limited (KTL)** in Feb 2024 – its first own-bid greenfield ISTS project - Commissioned **KBPL BESS** in Delhi (May 2025), overcoming urban complexities in a high-demand area - Won **three additional greenfield ISTS projects** via TBCB: IPTL (Madhya Pradesh), DPTL (Maharashtra), KTCO (Maharashtra) - Developing **six greenfield projects** in total: - Four inter-state transmission systems - Two large-scale BESS (Gujarat and Rajasthan) These projects are critical for evacuating renewable energy, enhancing grid stability, and integrating variable renewable supply into the national grid. --- ### **Operational Excellence and Digital Transformation** IndiGrid leverages technology and predictive analytics for superior asset performance: - **DigiGrid**: AI-powered digital asset management platform developed in partnership with **IBM**, built on **Maximo and AWS Cloud** - Fully deployed across all assets - Enables real-time monitoring, digital work orders, GPS tracking, and predictive maintenance - **Asset Health Index (AHI)**: Proprietary scoring system (1–5) that integrates dielectric, thermal, mechanical, and bushing data to preempt failures - High asset availability: - **Transmission**: 99.44% (FY25 average) - **Solar**: 98.48% - Other technologies: Drone inspections, robotic solar cleaning, SF6 leakage cameras, AI-powered forecasting, and advanced SCADA systems The Trust is shifting to **condition-based and predictive maintenance**, minimizing unplanned outages and lowering O&M costs. --- ### **Financial and Capital Strategy** - **AUM Growth**: From ₹37 billion at IPO (2017) to **₹325 billion in H1 FY25–26**, reflecting a **~30% CAGR over 8 years (~8x growth)** - Revenue model: - **Transmission & BESS**: availability-based tariffs (paid regardless of usage), generating high EBITDA margins (>90%) - **Solar**: PPA-based on energy generated; EBITDA margins ~80–85% - DPU (Distribution Per Unit) Guidance: Target of **₹16/unit for FY26**, supported by: - Disciplined capital deployment - Strong cash flow visibility - Healthy balance sheet with optimized borrowing costs and extended debt tenors - Risk mitigation: - Limited exposure to inflation via fixed/regulated tariffs - Minimal construction/counterparty risk due to payment security mechanisms (PoC) - High asset life: ~50 years for transmission, ~25 years (extendable) for solar, ~15 years for BESS --- ### **Governance and Leadership** - **COO**: Mr. Sanil C. Namboodiripad – 35+ years of power sector experience, formerly with NTPC, Adani Transmission, OTPC - Executive team includes senior leaders from Sterlite, KEC, Kalpataru, and Suzlon with proven expertise in transmission, solar, and BESS - Strong sponsor and partner ecosystem: KKR, BII, Norfund, Techno Electric & Engineering Co. Ltd. (TEECL)