Genus Power Partners with GIC for Smart Metering Projects
Genus Power Infrastructures, an Indian metre manufacturer, announced that it has signed agreements to establish a platform to fund smart metering projects with an affiliate of Singapore sovereign wealth fund GIC, with an initial commitment of $2 billion. In an exchange filing, Genus stated that it would be the platform's sole supplier of smart metres and related services.
GIC will own 74% of the platform, while Genus will own 26% of the partnership, according to the announcement. GIC will also invest 5.19 billion rupees ($63.29 million) in Genus Power through warrants through its Chiswick Investment Pte, representing 15% of the Indian company.
The Indian government has been pushing for the implementation of smart meters and last year it launched the Revamped Distribution Sector Scheme aimed at improving the operational efficiencies and financial sustainability of power distribution companies. India's state utilities are offering advanced metering service providers concessions under the government scheme and the Genus-GIC platform will bid for projects under this scheme.
The Indian government plans to install 250 million meters by 2025 at an investment of $30 billion by 2025, Genus said, citing the business potential for the platform.