Apraava Energy raises $92M from British International Investment and Standard Chartered
With this new development, Standard Chartered and BII’s financing will enable Apraava to install around 2 million smart meters in homes and businesses.
Apraava Energy, an integrated energy solutions provider, on Wednesday announced that it has raised ~$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 ~$46 million and another agreement for ~$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.
With this new development, Standard Chartered and BII’s financing will enable Apraava to install around 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.
Commenting on the development, 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. Partnership with Standard Chartered and BII empowers us to accelerate this journey and help build a low-carbon, customer-centric energy future.”
“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,” added Shilpa Kumar, Managing Director and Head of India, British International Investment.