Apraava Energy Secures USD 92 Million to Accelerate Smart Meter Rollout in India
Bengaluru: Apraava Energy, India’s leading integrated energy solutions provider, has secured INR 8,009 million (~USD 92 million) in financing from British International Investment (BII), the UK’s development finance institution, and Standard Chartered. The landmark transaction underscores the partnership between two UK institutions in channeling commercial and development finance into India’s energy transition journey.
Apraava signed agreements with BII for INR 4,005 million (~USD 46 million) and with Standard Chartered for INR 4,004 million (~USD 46 million). The combined facility will support the expansion of Apraava’s Advanced Metering Infrastructure (AMI) footprint, enabling the installation of over 2 million smart meters across homes and businesses.
India’s power sector is undergoing a major transformation to enhance efficiency, reduce losses, and integrate renewable energy. Under the Government of India’s INR 3 trillion (~USD 35 billion) Revamped Distribution Sector Scheme (RDSS), the rollout of AMI is a key priority, with a target of 250 million smart meters by 2026. Apraava, with a target of installing 7.8 million smart meters, is well positioned to accelerate adoption under the scheme.
Commenting on the development, Samir Ashta, Director – Finance & CFO, Apraava Energy, said: “India stands at a pivotal moment in its energy transition journey. With this financing, we are scaling up our smart metering efforts, building on our track record of achieving India’s first RDSS project go-live in Assam and the fastest go-live in Himachal Pradesh. This partnership empowers us to deliver a low-carbon, customer-centric energy future.”
Shilpa Kumar, Managing Director and Head of India, BII, noted: “Smart metering strengthens distribution dynamics and drives India’s journey toward a greener power sector. Our support for Apraava will improve grid efficiency, enhance service quality, and reduce emissions, aligning with our commitment to mobilising private capital for climate action.”
Prasad Hegde, Regional Head, Infrastructure & Development Finance Group, Standard Chartered, added: “Smart meter rollout is critical to reducing losses and driving sustainability in India’s power sector. We are proud to support Apraava in accelerating this initiative, reinforcing our commitment to sustainable finance in India.”
Jamie Scattergood, Deputy Head of Mission, British Deputy High Commission, Mumbai, said: “Smart meters play a vital role in improving power distribution efficiency. This partnership demonstrates how UK development finance and commercial investment can work together to support India’s clean energy goals.”
This milestone investment highlights Apraava Energy’s growing leadership in India’s smart metering landscape and reinforces its commitment to building a smarter, more resilient, and customer-focused power distribution network.
