IndiGrid open to spending INR 50bn on solar acquisitions - report

Solar panels in India's Rajasthan state. Image by: Yinson Holdings Berhad.

August 9 (Renewables Now) - Indian power-sector infrastructure trust (InvIT) India Grid Trust (BOM:540565) is willing to acquire operational solar projects worth up to INR 50 billion (USD 673.2/EUR 572.3m) as part of a strategy to diversify its asset base, business newspaper Financial Express has reported citing a statement from IndiGrid CEO Harsh Shah.

The company has so far focused exclusively on transmission assets, buying its first solar farms in July 2021.

According to the Financial Express report, IndiGrid would now scout for small-scale and profitable solar projects, considering them cost-effective.

Shah was quoted as saying that the company could bring anywhere between INR 40 billion to INR 50 billion worth of profitable solar projects under the current InvIT.

IndiGrid has no plans to float a new solar-focused trust, and rules out ventures into other technologies other than power transmission and solar, Shah told the newspaper.

The company now holds INR 210 billion worth of assets, which gives it enough room to diversify, the CEO added, according to the report.

(INR 1.0 = USD 0.013/EUR 0.011)

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