IndiGrid Infrastructure Trust said on 28 October 2026 that its 250 MW / 500 MWh standalone battery energy storage system (BESS) in Rajasthan reached commercial operation on 27 October 2026. The project, held by Rajasthan BESS Private Limited (RBPL), is set to earn over ₹71 crore a year under a 12-year concession. NTPC Limited separately disclosed that the first BESS project of its subsidiary NTPC Vidyut Vyapar Nigam Limited (NVVN) was declared commercial from the same date. NTPC’s filing and IndiGrid’s filing give the same capacity and the same date.
Key Details of the Project
IndiGrid’s filing and its quarterly report for the June 2026 quarter give these details:
- Capacity: 250 MW / 500 MWh, a two-hour system using lithium-ion batteries
- Location: Bhadla, Rajasthan
- Model: build, own and operate
- Counterparty: NVVN, under a battery energy storage agreement dated 21 December 2024
- Award: Letter of Intent dated 22 November 2024, for “on demand” usage under tariff-based competitive bidding
- Revenue and term: over ₹71 crore a year for 12 years from commercial operation
- Project company: RBPL, incorporated on 3 December 2024
NTPC’s filing of 29 October 2026 does not name the developer or the site. It says only that the project was declared commercial from 00:00 hours on 27 October 2026, with NVVN acting as BESS Implementing Agency, and that power scheduling began on 28 October 2026. IndiGrid’s report names NVVN as RBPL’s counterparty, and the capacity and commercial operation date match in both filings. Neither filing states the project cost, the battery supplier or the expected daily cycles.
Exit for Minority Investors
RBPL was developed with British International Investment Plc and KNI India AS, a joint investment vehicle of Norfund and KLP, which hold minority stakes. IndiGrid said it will provide both investors an exit after commercial operation, in line with the Share Purchase Agreement and the Infrastructure Investment Trusts Regulations. It will inform the stock exchanges of the exit in due course. The quarterly report lists the trust’s stake as 100% economic ownership, and shows each investor holding optionally convertible debentures issued by RBPL.
Timeline Against Plan
The project took less than two years from award to operation. IndiGrid’s quarterly report listed an expected scheduled commercial operation date of 22 June 2026, and put completion at 50-55%. The same report also expected completion by September 2026, and the actual date was 27 October 2026. The filing does not say whether the difference carries any contractual consequence.
Storage Backdrop
The first BESS project under NVVN comes as the NTPC group expands in storage. At its analysts’ meet on 27 July 2026, NTPC said the group has a BESS portfolio of 38.9 GWh. Of this, 6.62 GWh is under execution, including 5 GWh at thermal power stations under the regulated returns framework. A further 1.8 GWh is under planning, and a non-solar-hour pipeline of 30.4 GWh includes 18.6 GWh already tendered. NTPC told analysts that high renewable penetration requires a mix of pumped storage and batteries to address variable generation, and that the group plans more than 18 GW of pumped storage capacity.
About IndiGrid
IndiGrid describes itself as India’s first and largest publicly listed power sector infrastructure investment trust. Its August 2026 release lists 59 transmission lines of about 10,237 circuit kilometres and 20 substations with about 33,335 MVA of capacity. It also lists about 1.5 GWp of solar generation and about 2.5 GWh of BESS. Assets under management stood at about ₹34,041 crore on 30 June 2026, and KKR wholly owns the investment manager.
Operational revenue in the June quarter rose 18.9% year on year to ₹930 crore, and net distributable cash flow rose 29.4% to ₹370 crore. EBITDA, or earnings before interest, tax, depreciation and amortisation, was ₹860 crore at a margin of 89.1%, and net debt to assets under management was 58.5%. The quarterly report noted that RBPL, then under construction, would generate positive cash flow for distribution only after commercial operations.
EnerGrid, or Enerica ReGrid Infra Private Limited, is a separate developer that has a common director with IndiGrid, according to the trust’s filings. It won two inter-state transmission projects in Himachal Pradesh during that quarter. These are the Shongtong-Tidong scheme and the system to evacuate power from the Sunni Dam and Luhri Stage-I hydro projects, with a combined capital cost of about ₹5,800 crore.
The Trust’s Recent Pipeline
According to IndiGrid’s stock exchange filings in 2026:
- August 2026: Reported a Q1 FY27 distribution of ₹4.12 per unit, in line with full-year guidance of ₹16.48 per unit.
- September 2026: Executed Securities Purchase Agreements dated 4 September 2026 to buy Shongtong Power Transmission Limited from EnerGrid after completion, at an enterprise value not exceeding ₹5,315.8 crore, subject to unitholder approval.
- September 2026: Executed similar agreements dated 25 September 2026 for Luhri Power Transmission Limited, at an enterprise value not exceeding ₹1,336 crore.
- October 2026: Announced commercial operation of RBPL and the planned exit of its minority investors.
Outlook
The board of IndiGrid’s investment manager meets on 5 November 2026 to consider the trust’s financial statements. The next filing to watch on this project is the completion of the exit for British International Investment and KNI India. Because the project began operating after the September quarter ended, its first revenue should fall in the December quarter. The trust has also said the Shongtong and Luhri purchases need unitholder approval.
Official Sources
- IndiGrid Infrastructure Trust – Updates on Rajasthan BESS Private Limited (NSE, 28 October 2026): https://nsearchives.nseindia.com/corporate/INDIGRID_28102026125551_IndiGrid_Update_on_RBPL_27102026.pdf
- NTPC Limited – NVVN’s First BESS Project (250 MW / 500 MWh) Declared Commercial (NSE, 29 October 2026): https://nsearchives.nseindia.com/corporate/NTPC_29102026181643_20261029_NVVNCOD.pdf
- IndiGrid Infrastructure Trust – Quarterly Report for the quarter ended 30 June 2026 (NSE, 12 August 2026): https://nsearchives.nseindia.com/corporate/INDIGRID_12082026215943_qr.pdf
- IndiGrid Infrastructure Trust – Press release for Q1 FY27 results (NSE, 12 August 2026): https://nsearchives.nseindia.com/corporate/INDIGRID_12082026195028_PR12082026.pdf
- IndiGrid Infrastructure Trust – Intimation of board meeting on 5 November 2026 (NSE, 30 October 2026): https://nsearchives.nseindia.com/corporate/INDIGRID_30102026151314_bmintimation.pdf
- NTPC Limited – Transcript of 22nd Annual Analysts and Institutional Investors Meet (NSE, 2 August 2026): https://nsearchives.nseindia.com/corporate/9425178051_02082026151004_6__Disclosure_for_Transcript_of_Investor_Presentation_Final.pdf
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