Apraava Energy, an integrated energy solutions provider, has raised ₹800.9 crore (~$92 million) from British International Investment (BII), the UK’s development finance institution and impact investor, and Standard Chartered.
Apraava Energy signed financing agreements with BII for ₹400.5 crore (~$46 million) and another agreement for ₹400.4 crore (~$46 million) with Standard Chartered.
The combined facility will support the growth of Apraava’s Advanced Metering Infrastructure (AMI) footprint and contribute to India’s energy transition goals.
Standard Chartered and BII’s financing will enable Apraava to install over 2 million smart meters in homes and businesses.
Apraava Energy is an integrated energy solutions provider headquartered in Mumbai with presence across 13 states in India. It is jointly owned by the CLP Group, an investor-owned power business in Asia and La Caisse (formerly CDPQ), a global investment group.
Apraava offers a comprehensive, end-to-end AMI solution and is well placed to accelerate the smart metering adoption in the country under the scheme.
The company has also forayed into the Advanced Metering Infrastructure (AMI) business and is executing orders of ~7.8 million smart meters in Assam, Gujarat, West Bengal, Himachal Pradesh, Rajasthan, Puducherry and Madhya Pradesh.
Its portfolio comprises ~3.4 GW of installed capacity, which includes ~1200 MW of wind and 250 MW of solar energy projects, a 1320 MW coal-fired supercritical power plant and two power transmission assets (~494 kms). In addition, four greenfield transmission projects (~500 kms of transmission lines and substations with over 10 GW of combined capacity), a wind project (300 MW) and two solar projects (550 MW) are under construction.
The company aims to invest in low-carbon growth areas, including renewable energy, power transmission and distribution, as well as other non-generation, customer-focused energy businesses.
Samir Ashta, Director – Finance & CFO, Apraava Energy, said, “Just as India stands at a pivotal moment in its energy transition journey, Apraava is charting a new course by diversifying into the AMI business, a critical step toward advancing the nation’s power sector. With this financing, we’re scaling up our smart metering efforts. We are proud of our track record in AMI, including achieving India’s first RDSS project operational go-live in Assam and the country’s fastest go-live in Himachal Pradesh. Partnership with Standard Chartered and BII empowers us to accelerate this journey and help build a low-carbon, customer-centric energy future. This partnership extends our philosophy of ‘Energy in action’, as we collaborate with Discoms to make energy smarter, more transparent, affordable, and reliable for customers.”
Shilpa Kumar, Managing Director and Head of India, British International Investment, said, “Smart metering is an emerging yet critical part of the business model. It strengthens the distribution dynamics in the energy sector and can significantly drive India’s journey toward a greener and more sustainable power sector. As the UK’s development finance institution, we play a catalytic role in accelerating this transition by partnering with innovative companies like Apraava and financiers like Standard Chartered. Our support for the company will drive improvements in grid efficiency, enhance service quality, and contribute to reductions in greenhouse gas emissions. This initiative aligns with our commitments to supporting India’s energy transition and mobilising private capital to combat the climate emergency.”
Prasad Hegde, Regional Head, Infrastructure & Development Finance Group, India and South Asia, Standard Chartered, said, “Smart meter rollout is a key initiative of Government of India to improve efficiency of the distribution network by reducing losses and driving sustainability of the power sector. We are delighted to support Apraava Energy as they accelerate their contribution to India’s energy transition journey by implementing this smart metering project. India is a key sustainable finance market for Standard Chartered, and we are committed to supporting the country’s ambition to reduce overall carbon emissions and expand sustainable practices.”
Jamie Scattergood, Deputy Head of Mission, British Deputy High Commission, Mumbai, said, “Smart metres play a vital role in improving power distribution efficiency. This is one example of India’s commitment to accelerating the transition to clean energy and the UK is proud to partner with India on this journey by supporting smart metre rollout under the RDSS scheme. A clear demonstration of how UK development finance and commercial investment can work together to support India’s clean energy goals.”
