Apraava Energy secures Rs 800-cr funding

Apraava Energy on Wednesday said it has secured Rs 800.9 crore (USD 92 million) from British International Investment (BII), the UK's development finance institution and impact investor, and Standard Chartered.

This transaction demonstrates the partnership between two UK institutions, channelling commercial and development finance capital into a key sector for India's energy transition journey, Apraava Energy said in a statement.

According to the statement, Apraava Energy signed financing agreements with BII for Rs 400.5 crore (USD 46 million) and another agreement for Rs 400.4 crore (USD 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.

Apraava Energy is the country's leading integrated energy solutions provider headquartered in Mumbai.

It is jointly owned by the CLP Group -- one of the largest investor-owned power businesses in Asia and La Caisse (formerly CDPQ), a global investment group.