SECI plans to launch an IPO in one or two years

NEW DELHI: State Property Solar Energy Corporation of India (SECI) intends to go public within the next year or two to raise funds for expansion Renewable energy in the country, a top company official said. The remark comes at a time when India aims to have 500 GW of renewable energy capacity by 2030.
This 500GW target is in progress and will be implemented, said the president and managing director of SECI RP Gupta.
“But we need to think beyond 2030. Power 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 achieve the 500 GW target.
“We would like to go public within a 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 because the company serves as a nodal agency for the Ministry of New and Renewable Energy Sources and deals with tenders for renewable energy projects.
Gupta said SECI will also work in other countries to help them develop their renewable energy sectors.