The Solar Energy Corporation of India (SECI) is preparing to raise funds through an initial public offering (IPO) as part of its strategy to invest INR 180 billion (USD 2.16 billion/EUR 1.93 billion) in equity to expand its renewable energy capacity by 2030.
Chairman and Managing Director R P Gupta announced the plans, stating that the IPO is expected to be launched within the next one or two years. Specific details regarding the size of the planned transaction were not disclosed.
Established in 2011 to support the National Solar Mission and facilitate the country's goal of achieving 500 GW of renewable energy capacity by 2030, SECI is responsible for tendering renewable energy projects across India. To date, the organization has awarded over 68 GW of solar, wind, and hybrid power projects and operates a capacity of 122.7 MW.
In a related development, state-run energy company NTPC Ltd recently announced its intention to list its renewable energy unit, aiming to raise INR 100 billion in fresh capital.
