India Grid Trust, an infrastructure investment trust established by Sterlite Power Grid Ventures, is planning to acquire some $786 million of solar power projects as firms sell off assets amidst market uncertainty caused by the novel coronavirus disease COVID-19, according to Bloomberg.
India Grid is seeking solar assets with government-backed counterparties, such as NTPC Ltd. and Solar Energy Corp. of India. The trust is backed by KKR and Singapore’s GIC.
The firm is planning to more than double its portfolio over the next two years, with solar accounting for as much as one-fifth of its assets, India Grid’s CEO Harsh Shah told Bloomberg in a phone interview.
“We see that there will be consolidation in the solar industry,” said Shah. “It’s a good time for both sellers and buyers to complete the transactions.”
Recent reports predict COVID-19 will have a significant impact on the global solar photovoltaic market. Wood Mackenz
