A new partnership has been formed that endeavours to install more than 250 million smart electric meters and increase utility revenue by $15.4 million across India.
The smart meters will be funded, installed and operated by IntelliSmart Infrastructure Private Limited, a new joint venture company formed by the State agency Energy Efficiency Services Limited (EESL) and the National Investment and Infrastructure Fund (NIIF).
The establishment of IntelliSmart forms part of efforts by the Indian government and EESL to install 250 million smart meters.
To date, EESL has installed more than 625,000 smart meters.
The smart meters will help India develop a smart grid, reduce consumer power outages, address challenges evolving from the energy mix and improve billing efficiency.
The project is also expected to improve consumer energy efficiency and the quality of networks and services.
EESL has already secured contracts for IntelliSmart to install and maintain over 1 crore smart meters across various state distribution companies.
Saurabh Kumar, managing director at EESL, said: "India has embarked upon a mission to reduce AT&C losses; proven world over for enabling universal, transparent and responsible energy consumption, and smart meters can play a central role in enabling such an endeavour.
"We are proud to have an established and experienced institution like NIIF partner with us in scaling our ongoing efforts to transform the market for this technology and to accelerate its application across the country. This venture will support the ambitions of ongoing government programmes, such as UDAY and National Smart Grid Mission."
Sujoy Bose, CEO at NIIF, added: “IntelliSmart will support the efforts of the Indian power sector as it strives towards delivering dependable 24/7 service to end-consumers.
"Smart meters will play a transformational role in bringing efficiencies and generating significant commercial benefits for power distribution companies, while at the same time empowering end-consumers to make informed choices regarding power consumption. We are delighted to partner with EESL, which has a proven track record of driving energy efficiency by operating at a substantial scale through its strong relationship with all stakeholders.”