SECI Targets IPO to Drive India’s Renewable Energy Push Towards 500 GW by 2030

State-owned Solar Energy Corporation of India (SECI) is preparing to go public within the next one to two years to raise funds for expanding renewable energy capacity in India. SECI Chairman and Managing Director, R P Gupta, shared this at a recent press conference, aligning the move with India’s ambitious target of achieving 500 GW of renewable energy by 2030.

Currently, India has 207 GW of renewable energy capacity and needs to add at least 50 GW annually to meet the 2030 goal. Gupta emphasized that while the 500 GW target is achievable, the country must plan beyond 2030 to meet future power demands, which are expected to reach 2,000 GW by 2047.

SECI, the nodal agency under the Ministry of New & Renewable Energy responsible for tendering renewable projects, sees the upcoming initial public offering (IPO) as crucial for financing the country’s green energy goals. Gupta noted that SECI’s listing would play a significant role in expanding India’s renewable sector.

The company also aims to assist other nations in developing their renewable energy sectors as part of its broader growth strategy. Gupta highlighted that SECI’s expertise could be leveraged to foster international partnerships in renewable energy.

India’s peak power demand reached a record high of 250 GW in May 2024, underscoring the urgency for rapid renewable energy expansion.