IndiGrid is India’s first listed power transmission Infrastructure Investment Trust (InvIT). It was established in October 2016 to own and operate power transmission and solar assets in India. IndiGrid currently owns 18 diversified projects (13 operational and 1 under-construction inter-state transmission assets, 1 operational intra-state transmission asset, 1 Regulated Tariff Transmission Project and 2 operational solar assets of 100 MWac capacity), comprising 46 EHV overhead power transmission lines with 8,468 circuit kilometers (ckms) and 13 substations with 17,550 MVA of transformation capacity across 19 states and one union territory.

The Sponsors of the IndiGrid is Esoteric II Pte. Limited (Esoteric). Esoteric is an affiliate of Kohlberg Kravis Roberts & Co. (KKR). Founded in 1976 and led by Henry Kravis and George Roberts, KKR is a leading global investment firm with approximately US$510 billion of assets under management as of March 31, 2023, that manages multiple alternative asset classes, including private equity, credit and real assets, with strategic partners that manage funds.                                                   

The proposed investment comprises of a subscription by IFC of up to US$200 million to Non-Convertible Debentures (NCDs) issued by IndiGrid. These NCDs will be rated, listed, secured, redeemable and denominated in Indian Rupees.                                                   

The proceeds will be used by IndiGrid to support its investments or loan infusion in Special Purpose Vehicles (SPVs) that house the following transmission assets which are compliant with IFC’s performance standards (PS). These investments are being used to refinance existing project level debt at these SPVs.

No governance risks to expected development impacts are noted