India's Solar Energy Corporation Mulls IPO, Commits $2.2 Billion Investment in Renewables by 2030
India’s Solar Energy Corporation Mulls IPO, Commits $2.2 Billion Investment in Renewables by 2030
New Delhi, September 21, 2024 — The state-owned Solar Energy Corporation of India (SECI) announced a strategic plan to invest ₹180 billion ($2.16 billion) in equity to expand renewable energy capacity by 2030. As part of its ambitious roadmap, SECI also revealed plans to go public through an Initial Public Offering (IPO) within the next one to two years. This move reflects India’s growing commitment to boosting clean energy production and cutting carbon emissions.
In a statement on Friday, SECI said the funds will be directed toward increasing solar, wind, and hybrid energy projects, with a focus on driving the nation’s clean energy transformation. India aims to achieve at least 500 GW of renewable energy capacity by 2030, in line with its climate change mitigation goals. SECI plays a central role by issuing tenders for large-scale renewable energy projects.
”We are excited to support India’s green energy mission. This investment will accelerate the country’s shift toward a cleaner energy future, while the IPO will enhance our operational capacity,” a SECI spokesperson stated.
For the fiscal year 2024-25, SECI plans to tender a total of 20 GW worth of renewable energy projects, a significant step forward in India’s quest to reduce its dependence on fossil fuels.