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

SECI, which serves as an implementing agency for the development of solar, wind and hybrid projects as part of fulfilling the country's Nationally Determined Contributions (NDCs), aims to achieve 10 GW of cumulative renewable energy capacity by 2030. 

Speaking to the media, SECI Chairman and Managing Director R P 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 in order to expand renewable energy capacity in the country.

"We are looking to go public in the next one or two years," Gupta said, adding that the size of the IPO has not been finalised yet. 

This move follows NTPC Green Energy Ltd's recent filing of its draft red herring prospectus for a Rs 10,000 crore IPO.

SECI plans to tender 20 GW of projects in the ongoing fiscal year. The government has set a target of tendering 50 GW of green power capacity annually until FY28. In FY24, over 60 GW of capacity was bid out by various Renewable Energy Implementing Agencies (REIAs) and states. SECI tendered 15.2 GW, with 12 GW finalised and power supply agreements (PSAs) signed for 7-8 GW.

The remark comes at a time when India aims to have 500 GW of renewable energy capacity by 2030.

The 500 GW target is in the pipeline and it will be done, said SECI Chairman and Managing Director R P Gupta.

"But we have to think beyond 2030. The power demand will be 2,000 GW by 2047," he said at a press conference here. India has 207 GW of renewable energy capacity and still needs to add at least 50 GW per annum every year till 2030 to achieve the 500 GW target.

"We would like to go public in the next one or two years," Gupta said.

The country's peak power demand has 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 & Renewable Energy for tendering renewable energy projects.

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