Apraava Energy, an integrated energy solutions provider in India, today announced that it has secured INR 8,009 million ($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 INR 4,005 million ($46 million) and another agreement for INR 4,004 million ($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.
India’s power sector is undergoing a significant transformation to enhance efficiency, reduce losses, and drive sustainability. While progress has been made, distribution utilities continue to face challenges such as high distribution losses. To address this, the Government of India launched the INR 3 trillion ($35 billion) Revamped Distribution Sector Scheme (RDSS).
A key component of RDSS is the rollout of AMI—a smart meter network that is designed to improve grid efficiency, promote transparency, and deliver a more sustainable power distribution system by integrating renewable energy. The government has set an ambitious target of installing 250 million smart meters by 2026.
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. Its AMI footprint spans across several states with a target of installing around 7.8 million smart meters.
Standard Chartered and BII’s financing will enable Apraava to install over c.2 million smart meters in homes and businesses. The smart meters will help to make India’s grid system become more efficient, reliable, and sustainable. This will enable better integration of renewable energy sources and help reduce aggregate technical and commercial losses and thereby reduce emissions.
“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,” said Samir Ashta, Director – Finance & CFO, Apraava Energy. “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 content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.