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So, India is one of the most dynamic and scaled-up renewable markets in the world. When we looked at Vibrant, it was the right size for us. It was not too big, nor too small. In state utilities’ projects, we realised that it was super competitive and the prices were super low and hence we look at it cautiously. The rooftop market has its risks, which makes it difficult for us to make investments. We are pitched right in the middle and can accurately review the credit risk of selling power through the open access frameworks. Companies in India can save significantly on their power bills through the open-access market. We are looking at utility-scale projects through Solar Energy Corp. of India (SECI) as well as selective projects that have a combination of solar, wind, gas turbines to create 24x7 power generation. We think that the market is less competitive due to the complexity and it is not about the lowest price per unit of power generated.
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