Solar Energy Corp Plans IPO In One Or Two Years
SECI's listing on bourses is also important because it is the nodal agency of the Ministry of New and Renewable Energy for tendering renewable energy projects.
The Solar Energy Corporation of India, a state-owned enterprise, plans to launch an initial public offering within the next one or two years to raise funds for expanding the country's renewable energy capacity, according to a senior company official.
India's target of achieving 500 gigawatt of renewable energy capacity by 2030 is in the pipeline and it will be done, said SECI Chairman and Managing Director RP Gupta on Friday.
"But we have to think beyond 2030. The power demand will be 2,000 GW by 2047," he said at a press conference. "We would like to go public in next one or two years," Gupta said.
India has 207 GW of renewable energy capacity currently and still needs to add at least 50 GW per annum every year till 2030 to achieve 500 GW target.
The country's peak power demand touched an all-time high of around 250 GW in May this year.
SECI's listing on bourses is also important because it is the nodal agency of the Ministry of New and Renewable Energy for tendering renewable energy projects.
Gupta said that SECI will also move to other countries for helping them expand in renewable sector.
This week, NTPC Green Energy Ltd., an arm of the state-run NTPC Ltd., filed the draft red herring prospectus for an initial public offering to raise Rs 10,000 crore. The IPO will comprise an entirely fresh issue with no offer-for-sale component.
NTPC Green will deploy Rs 4,000 crore in the fiscal 2025 towards repayment or prepayment of outstanding borrowings availed by its subsidiary, NTPC Renewable Energy Ltd, and another Rs 3,500 crore in the financial year-ending March 2026, it said.
Notably, India's IPO market has been buzzing with around 235 companies raising in excess of Rs 71,000 crore in this year so far.
(With inputs from PTI)
