The move follows the company’s completion of five years of profitable operation of the transmission assets-based InvIT
As part of its diversification strategy, power sector infrastructure investment trust (InvIT) IndiGrid is looking to acquire operational solar assets with an outlay of up to Rs 5,000 crore.
“We can bring anywhere between Rs 4,000 crore-5,000 crore worth of profitable solar projects under the current InvIT,” said Harsh Shah, CEO, IndiGrid.
Adding that there is no plan to float a new solar-specific trust, Shah added that IndiGrid would scout for small, cost-effective and profitable solar projects rather than big-ticket ones.
The move follows the company’s completion of five years of profitable operation of the transmission assets-based InvIT.
“IndiGrid now holds Rs 21,000 crore of assets that gives us the headroom to diversify into other assets,” said Shah, adding that IndiGrid would not venture into areas other than power transmission and solar projects for the time bieng.
The company in the last one year has acquired projects worth Rs 7,500 crore which included the first solar asset for Rs 660 crore bought in July 2021.
In Q1FY22, IndiGrid’s net revenue and operating profit grew 53% each year-on-year to Rs 554 crore and Rs 504 crore, respectively. The earnings were supported by acquisitions and strong operational performance.
