SECI aims to achieve 10 GW by 2030, go public in 2 years: CMD RP Gupta

SECI, which serves as the implementing agency for solar, wind and hybrid energy projects under the country’s Nationally Determined Contributions (NDC), aims to achieve 10 GW of cumulative renewable energy capacity by 2030.

Speaking to media, SECI Chairman and Managing Director RP Gupta said that the company currently has 122.7 MW of installed capacity. He also said that the company will go public to raise funds in the next one or two years to expand the renewable energy potential in the country.

“We intend to list in the next one or two years,” Gupta said, adding that the size of the IPO has not yet been decided.

The move follows the recent filing of a draft prospectus by NTPC Green Energy Ltd. in connection with its Rs 10,000 crore initial public offering.

SECI plans to bid for 20 GW of projects in the current fiscal year. The government has set a target of bidding for 50 GW of green energy capacity per year by fiscal 2028. In fiscal 2024, various renewable energy implementing agencies (REIAs) and states have bid for over 60 GW of capacity. SECI has bid for 15.2 GW, of which 12 GW has been finalized and power supply agreements (PSAs) have been signed for 7-8 GW.

The remark comes as India sets a target of achieving 500 GW of renewable energy capacity by 2030.

The 500 GW target is on track and will be achieved, said SECI CEO and Managing Director RP Gupta.

“But we need to think beyond 2030. Energy demand will be 2,000 GW by 2047,” he told a news conference here. India has 207 GW of renewable energy capacity and still needs to add at least 50 GW per year by 2030 to meet the 500 GW target.

“We would like to go public in the next year or two,” Gupta said.

The country’s peak electricity demand reached a record level of around 250 GW in May this year.

SECI’s presence on the stock exchanges is also important as the company serves as the nodal agency of the Ministry of New and Renewable Energy Sources for tenders for renewable energy projects.

Gupta said SECI will also work in other countries to help them expand in the renewable energy sector.