Our investment
Description of the investment.
Description of the investment.
We made a $46 million commitment to Apraava Kutch Saurashtra Smart Meter Private Limited, a subsidiary of Apraava Energy Private Limited, an independent power producer with a track record of developing and commissioning more than 20 projects across electricity generation and transmission sector in India. Our investment will be used to set up electricity smart meters (awarded to the company under the Revamped Distribution Sector Scheme (“RDSS”)) in the state of Gujarat in India.
The investment gives us an opportunity to support smart meter projects in India, a nascent sector with limited availability of commercial capital. It also gives us an opportunity to partner with Apraava Energy, a large and credible renewable energy player with established track record.
Impact information
Applies to investments made from 2019 onwards. The tabs in this section define what we expect to achieve through the investment, assessing the potential impact of the investment against six dimensions of impact. You can find more details on our methodology of assessing impact here.
Applies to investments made from 2019 onwards. The tabs in this section define what we expect to achieve through the investment, assessing the potential impact of the investment against six dimensions of impact. You can find more details on our methodology of assessing impact here.
What?
| Impact |
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Our investment will support financing the initial roll out of some of the first Advanced Metering Infrastructure (AMI) concessions under the Government of India's Revamped Distribution Sector Scheme (RDSS), which aims to improve grid efficiency and service quality, reduce greenhouse gas emissions and better integrate the renewable energy in the grid system. |
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How?
| Primary | Secondary |
|---|---|
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It will demonstrate commercial viability of the AMI business model, thereby deepening capital markets for improvements to power sector efficiency and potentially decarbonisation. |
It will improve the financial sustainability of the power sector by improving billing and collection; reducing commercial losses; and enabling grid upgrades that will further help reduce technical losses. It will also contribute to reducing greenhouse gas emissions through lowering technical losses through improved detection of faults; improving demand forecasting for regulators; providing consumers with real time energy consumption data to optimise energy consumption; and enabling investments in transmission and distribution infrastructure as a result of improved revenue collection. |
Who?
| Stakeholder | Geography | Characteristics |
|---|---|---|
| Consumers |
India |
n/a |
| Planet |
Global |
How much?
| Scale | Depth/Duration |
|---|---|
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Pilots indicate approximately 11-36 per cent loss reduction and 20 per cent revenue increase to the off-taker. The climate impact from reduced energy consumption and improved renewable integration will be difficult to estimate. |
The depth of the impact is unknown as this is a new scheme in India. |
Contribution/additionality
| Contribution/additionality |
|---|
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Financial additionality: Our investment provides the necessary long-term financing which is not sufficiently available from commercial sources given it's a nascent sector. |
Risk
Evidence Riskpact pathway for climate impact remains unproven given limited track record, uncertainty about how much the financial viability of the sector. will be improved and how the additional revenue will be used. This risk will be tolerated. Efficiency Risk;Execution RiskRisk that the implementing of smart meters to slow down in India as expected due to external factors such as change of policy/regime, undermining the investment’s catalysing market hypothesis and direct impact potential. Stakeholder Participation RiskEnd-consumers may resist pre-paid smart meters, albeit mechanisms to protect vulnerable groups are in place (allowance of basic free electricity, restrictions on when disconnections can occur, and multiple warnings). |
Impact score
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Impact score (at point of investment)
The Impact Score is a tool to help us manage our performance against our strategic impact objectives. It is designed to incentivise investments that support our productive, sustainable, and inclusive objectives. The Impact Score shown is based on the 2022-2026 Impact Score methodology. You can find out more here. The Impact Score is published for investments made from 2022 onwards. The Impact Scores are calculated at the point of investment. We publish the Impact Scores of new investments annually, once the information has been externally assured by an independent third party. |
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6 |
Environmental and social information
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Environmental and social summary
A high-level description of the environmental and social aspects of the investment. This may include a summary of key environmental and social risks identified during environmental and social due diligence (ESDD); key elements of an environmental and social action plan (ESAP); or ways in which we plan to support the investee improve environmental and social standards, such as through their environmental and social management system (ESMS); as well as any other priority areas agreed with the investee.
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Environmental and social risk
A risk category rating, which indicates the level of environmental and social risk associated with an investment. For an explanation of the categorisations used, see here. We consistently provide an environmental and social risk category for all investments screened from 2023 onwards.
Environmental and social summary
Apraava Kutch Saurashtra Smart Meter Private Limited's E&S risk is rated medium low, we have agreed a proportionate ESAP focusing on compliance to labour laws and IFC PS 2 requirements among other opportunities at the direct and indirect contractors/service providers.
Environmental and social risk
Medium-Low
Reporting and Complaints Mechanism
The Reporting and Complaints Mechanism allows anyone outside BII to report alleged breaches of the business integrity or environmental and social provisions of BII’s Policy on Responsible Investing. This includes breaches made by BII, a BII investee, or a portfolio company of a fund in which BII has invested. The Reporting and Complaints Mechanism Rules are available here. Reports and complaints can be submitted by email to [email protected] or by mail. See more details on our Reporting and Complaints Mechanism here.
For any other general enquiries contact us at [email protected]
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Key facts
- First published
:
When the investment was first published on the website database.
- June 2025
- Last updated
:
When the last quarterly update of the website database occurred.
- June 2026
- Project number
:
An identifier number shared by investments in the same project.
- D6271
- Status
:
The current status of the investment (green flag for active and red flag for exited).
- Active
- Region
:
The geographical region where the country is located. We currently invest in Africa, South Asia, South East Asia and the Caribbean. In 2023, BII’s investment mandate was extended allowing it to invest in regional funds linked to Ukraine, with the majority of activity expected to begin post-war. Investments outside these regions were made prior to 2012 under previous investment mandates.
- South Asia
- Country
:
The countries where the investment delivers impact. Where impact is delivered in multiple countries, this is indicated.
- India
- Sector
:
We prioritise those sectors that facilitate development and need our capital the most. Our priority sectors contribute towards many of the Sustainable Development Goals. They range from investing in the power infrastructure that will provide people with better access to electricity, to investing in financial institutions that direct capital to the individuals and businesses that need it the most.
- Infrastructure
- Sub sector
:
The sub-sector that the investment is made into; this provides a more granular level of detail than the ‘sector’ information
- Independent Power and Renewable Electricity Producers
- Investment policy :
- Growth
- Investment type :
- Debt
- Start date :
- March 2025
- Amount :
- $45.7m
- Currency of investment :
- INR
- Domicile
:
The company or investment fund’s place of incorporation.
- India
We provide capital in the following ways: directly – through direct equity, direct debt, guarantees and other non-intermediated financial instruments; and indirectly – principally through investment funds.
Type of investment portfolio that each investment is made under. Since 2014, we have run two investment portfolios: Catalyst and Growth. In addition, our Kinetic Portfolio enables us to manage concessional investment strategies.
For direct investments and fund investments, this is the date BII committed capital to the investments. This is typically the date on which legal agreements are signed by all parties.
For the portfolio companies of our fund investments, this is the date (either the month or the quarter) on which the fund committed capital to the portfolio company.
For direct equity investments, this is the date at which British International Investment exited the investment.
For debt investments, this is the date at which the final debt repayment was made.
For funds, this is the date at which the fund was terminated.
For underlying fund investments, this is the date at which the fund manager exited the investment.
The total amount committed, per financial instrument, per investment, on the date BII becomes subject to a binding legal obligation to provide funding or assume a contingent liability. This information is provided in US dollars.
For direct investments, this is the amount that BII has committed to the business or project. For fund investments, this is the amount BII has committed to the fund.
The currency in which the investment was made.
- First published
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Gender and climate finance facts
- Climate finance
:
Indicates whether the investment is climate finance qualified or partially climate finance qualified and the type of climate finance (adaptation, mitigation or both). We define climate finance using the multilateral development bank (MDB) and the International Development Finance Club (IDFC) Common Principles climate finance methodology. See Common Principles for Climate Mitigation Finance Tracking and Common Principles for Climate Change Adaptation Finance Tracking. We provide the climate finance qualification and type for commitments from 2020 onwards, which is when we launched our Climate Change Strategy.
- Fully qualified
- Climate finance type
:
Mitigation: Indicates investments which, by avoiding or reducing GHG emissions or increasing GHG sequestration, contributes substantially to the stabilisation of GHG concentrations in the atmosphere – at a level which prevents dangerous anthropogenic interference with the climate system consistent with the long-term temperature goal of the Paris Agreement
Adaptation: Indicates investments aimed at preventing or reducing the risks or vulnerabilities posed by climate change and increasing climate resilience. This includes both adapted activities and enabling activities to manage and reduce physical climate risks
Dual: Indicates investments directed towards activities contributing to both climate change mitigation and climate change adaptation and meeting the respective criteria for each category
The climate finance type of the investment is determined at time of commitment.
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- Mitigation
- Climate finance
