Home / Business and Economy / India's Energy Future Powers Up With $92M Smart Meter Deal
India's Energy Future Powers Up With $92M Smart Meter Deal
3 Dec
Summary
- Apraava Energy secured $92 million from BII and Standard Chartered.
- Funding will accelerate smart meter installation, aiming for over 2 million units.
- This investment supports India's ambitious goal of 250 million smart meters by 2026.
Apraava Energy has successfully secured ₹800.9 crore, approximately $92 million, through financing agreements with British International Investment (BII) and Standard Chartered. These funds are earmarked for expanding Apraava's Advanced Metering Infrastructure (AMI) across India. The dual financing, with ₹400.5 crore from BII and ₹400.4 crore from Standard Chartered, underscores a robust partnership aimed at channeling capital into India's crucial energy sector.
This financial backing is set to significantly boost Apraava's smart meter deployment, with an objective to install over two million smart meters in homes and businesses. This initiative is a key component of India's Revamped Distribution Sector Scheme (RDSS), a substantial program focused on modernizing the power sector and achieving ambitious targets, including the installation of 250 million smart meters by 2026.
The deployment of these smart meters is expected to enhance the efficiency, reliability, and sustainability of India's power grid. By enabling better integration of renewable energy sources and reducing technical and commercial losses, this project will contribute to reduced emissions and support India's broader energy transition objectives.
