Actis, the fund manager of AACT, is a leading global investor in sustainable infrastructure. Actis was founded in 2004 and has a team of approximately 120 investment professionals across a network of 17 offices. To date, Actis has deployed billions of dollars of capital in c.300 investments. The firm currently has approximately US$15.5 billion of assets under management on behalf of over 400 limited partners.

Électricité de France (“EDF”) is a French electric utility owned by the Government of France. EDF’s core operations include (i) electricity generation and distribution, (ii) power plant design, construction, and dismantling, (iii) energy trading, and (iv) transport. It has an installed capacity of 125GW across 20+ countries.

The IFC investment comprises up to US$ 20 million through an Actis partnership, which together with other Actis partnerships will indirectly hold, subject to regulatory approvals, a 49% stake in BGPL.

The smart meter sites will be located across India.

This is a Category B project under IFC’s Policy on Environmental and Social Sustainability. The activities under proposed project (smart meter installation activities) are expected to have limited, site-specific, and largely reversible E&S impacts that can be addressed through existing mitigation measures and good international industry practices (GIIP). Key E&S risks and issues associated with this project include: (a) the adequacy of BGPL’s environmental and social management system (ESMS), including the company’s capacity to supervise and ensure effective implementation of environmental, health, safety, and social (EHSS) requirements by contractors across project sites; (b) ensuring fair, safe, and healthy working conditions for direct employees and contractor personnel, including labor compliance, occupational health and safety (OHS), freedom of association, prevention of gender-based violence and harassment (GBVH), and access to grievance mechanisms; (c) implementing appropriate waste management measures, in line with applicable regulations and GIIP; (d) managing community H&S risks, including accidental exposure to live electricity during installations (especially in dense settlements), and respectful engagement with customers; and (e) the risk of inadequate consumer communication and stakeholder engagement, resulting in resistance or complaints.