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19 Nov 2024
State-run Solar Energy Corporation of India Ltd (Seci) is gearing up to go public within the next one to two years, as revealed by its chairman and managing director, R.P. Gupta.
During a media briefing, Gupta announced that Seci aims to boost its renewable energy capacity to 10 GW by 2030, significantly up from its current operational capacity of 122.7 MW. He mentioned that the specifics of the IPO size have yet to be determined. This move comes shortly after NTPC Green Energy Ltd, another state-run renewable energy firm, submitted a draft red herring prospectus (DRHP) for a ₹10,000 crore IPO.
Seci is responsible for issuing tenders to renewable energy companies focusing on solar, wind, and hybrid projects. The firm plans to tender 20 GW of projects in the current fiscal year. The government has set an ambitious target of tendering 50 GW of green energy annually until FY28. In FY24 alone, over 60 GW of capacity was bid out by four real estate investor associations (REIAs) and various states, with Seci having tendered 15.2 GW. Of this, 12 GW have been finalized, and power supply agreements (PSAs) were signed for 7-8 GW.
India’s growing power needs were highlighted by Gupta, who forecasted that the nation's demand will hit 2,000 MW by 2047, noting that peak demand reached 250 GW in May this year.
Gupta also mentioned that around 30 GW of renewable projects have yet to find buyers, although the pace of PSA signings has increased, and he expects the backlog to clear within 1-2 years as states recognize the importance of renewable energy purchase obligations set by the government. Seci, which recently received Navratna status, is now in its 13th year and is looking to expand its services into international renewable energy project consultancy, according to Gupta.
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