Is solar viable from a PE stand point?
Not as a standalone solar plant but as part of a hybrid portfolio where you get a hydro asset like Bhilwara with a solar component. There is no doubt that costs (solar) are headed down. As a standalone project, it is going to give you 15-18% return which is what most PE funds expect. For somebody who has got a bigger play where they can put solar together and access the market I think that could be very interesting. What is your assessment of the huge interest in water related investments? Water is like waste. Anybody living in any city in India knows that this is the future. But the problem for water is same as problem for energy efficiency in dealing with municipalities. If you see most of the reform that has come in electricity, it has hardly come from Central government and I don’t see a similar initiative on water as yet. So while the opportunity is tremendous, I do not know when it is going to turn into a viable business model. What remains the biggest challenge in investing in I
