Solar Energy to invest $2.2 billion in renewables by 2030, mulls IPO

Large power producers in India have been investing heavily in renewables and committing to expand green energy capacities, in tandem with the government's aim to add at least 500 GW of clean energy by 2030 to reduce carbon emissions.

State-owned Solar Energy Corporation of India (SECI) on Friday pledged to invest 180 billion rupees ($2.16 bln) in equity for renewable capacity expansion by 2030, and announced plans to go public in the next one to two years.

Large power producers in India have been investing heavily in renewables and committing to expand green energy capacities, in tandem with the government's aim to add at least 500 GW of clean energy by 2030 to reduce carbon emissions.

SECI, which issues tenders to renewable energy developers for solar, wind, and hybrid projects, said it expects to tender 20 gigawatt of projects this fiscal year.

IPO PLANS

Chairman and Managing Director R.P. Gupta announced SECI's flotation plans at an industry conference, but said no decision had been made yet on the size of the initial public offering.

India's IPO market is booming, with around 235 companies having gone public so far this year and raising more than $8.6 billion, surpassing last year's total, LSEG data showed.

The country's benchmark Nifty 50 index has hit record highs more than 50 times this year.

Earlier this week, NTPC Green Energy, an unit of power producer NTPC, filed its draft papers for an IPO worth up to $1.19 billion.