Seci plans to go public in next two years: CMD RP Gupta

New Delhi: State-run Solar Energy Corporation of India (Seci) plans to go public in one to two years, its chairman and managing director RP Gupta said.

The CMD also said in the media that the state-owned company plans to install a cumulative 10 GW of renewable energy capacity by 2030. Currently, it owns and operates 122.7 MW of capacity.

“We hope to list in the next one or two years,” he said, adding that the size of the public issue has not yet been finalised. A few days before the listing announcement, another state-owned renewable energy company NTPC Green Energy Ltd filed its draft prospectus (DRHP) for ₹10,000 crore IPO.

Seci, which is responsible for bidding solar, wind and hybrid projects to renewable energy companies, is expected to bid 20 GW of projects this fiscal year. The government has set a target of bidding 50 GW of green power capacity annually by fiscal 2028. In fiscal 2024, the four major real estate investors’ associations (REIAs) and states have bid more than 60 GW of capacity. Seci has bid 15.2 GW, of which 12 GW has been completed, and has signed power supply agreements (PSAs) for 7-8 GW.

India’s power demand to reach 2,000 MW by 2047

Talking about the growing demand for electricity, he said India’s power demand will touch 2,000 megawatts by 2047. India’s peak power demand hit a record high of 250 gigawatts in May.

Gupta also said that power supply agreements for projects with a cumulative installed capacity of about 30 GW have not yet been signed. Mint A total of nearly 30 GW of renewable energy capacity has failed to find buyers, the report said. The pace of signing agreements has picked up as states have started meeting their renewable energy requirements through purchase obligations set by the central government, the CMD added.

“The pace of signing PSA has picked up and I am sure in the next 1-2 years the backlog will be completed and new bids and contracts will be signed,” Gupta said.

The CMD said the company, which was granted Navratna status last month, has completed 13 years of establishment and plans to enter the project consultancy space for international renewable energy projects.