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Bloomberg
India Grid Trust, an infrastructure investment trust backed by private equity fund KKR & Co and Singapore’s GIC Pte, is looking to add as much as $786 million of solar power projects to its portfolio and expects some financially stressed assets to become available in the wake of the coronavirus pandemic.
The move is part of the firm’s plan to more than double its portfolio to 300 billion rupees over the next two years, with solar accounting for as much as one-fifth, CEO Harsh Shah said.
“We see that there will be consolidation in the solar industry,†Shah said. “It’s a good time for both sellers and buyers to complete the transactions.†IndiGrid is seeking solar assets with state-backed counterparties, such as NTPC and Solar Energy Corp of India, bearing the payment risk, Shah said.