India Grid Trust to consider raising of debt through various sources

The outcome of the board meeting will be communicated to the stock exchanges after conclusion of the board meeting on May 12, 2023

India Grid Trust, on Friday, said its board of directors will consider raising of debt through various sources at a meeting scheduled to be held on Friday, May 12, 2023.

In a filing with the stock exchanges, the company said, the Board of Directors of IndiGrid Investment Managers Limited acting in the capacity of Investment Manager to India Grid Trust (‘IndiGrid’) is scheduled to be held on Friday, May 12, 2023, to consider and approve, inter-alia, the matters: Audited Financial Information of India Grid Trust for the financial year ended on March 31, 2023, along with the audit report; distribution to unitholders of IndiGrid for Q4 FY 23; and raising of debt through various sources including term loans, non-convertible debentures and/or any other mode as may be permitted under applicable law.

The outcome of the board meeting will be communicated to the stock exchanges after the conclusion of the board meeting on May 12, 2023.

In April, India Grid Trust said it has commissioned its first battery energy storage system (BESS) project coupled with its solar panels at the Dhule substation in Maharashtra.

The project will meet the substation's auxiliary consumption requirement, a company statement said.

It will not only "reduce our emissions but also act as a prototype for expanding our presence in energy transition opportunities in the sector," it stated.

This facility will also act as a test bed for augmenting IndiGrid's capabilities to participate in energy transition opportunities in solar and BESS space, Chief Executive Officer, Harsh Shah said.

"As operations at this project stabilize, we look forward to replicating similar systems across our other substations and reduce emissions of our operations," he added.

IndiGrid is the first infrastructure investment trust in the Indian power sector. It owns 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.

(With inputs from agencies)