Apraava Energy said on Wednesday that it has obtained Rs 800.9 crore (USD 92 million) from Standard Chartered and British International Investment (BII), the UK’s development finance organization and impact investor.
This transaction highlights the collaboration between two UK institutions, moving commercial and development finance resources into a vital area for India’s energy transformation path, Apraava Energy said in a statement.
According to the release, Apraava Energy inked finance arrangements with BII for Rs 400.5 crore (USD 46 million) and another deal for Rs 400.4 crore (USD 46 million) with Standard Chartered.
The combined facility will support the development of Apraava’s Advanced Metering Infrastructure (AMI) footprint and contribute to India’s energy transformation ambitions.
Apraava Energy is the country’s top comprehensive energy solutions company located in Mumbai.
The worldwide investment firm La Caisse (previously CDPQ) and the CLP firm, one of the biggest investor-owned power companies in Asia, jointly control it.
