Seci plans to launch IPO within next two years: CMD RP Gupta

New Delhi: State-run Solar Energy Corp. of India Ltd (Seci) plans to go public within one or two years, said its chairman and managing director R.P. Gupta.

Addressing the media, the CMD also said that the public sector enterprise plans to install a cumulative renewable energy capacity of 10 GW by 2030. It currently owns and operates a capacity of 122.7 MW.

"We would like to go public in the next one or two years," he said, adding that the size of the public offer has not been finalised. The announcement to go public comes days after another state-run renewable energy company NTPC Green Energy Ltd filed its draft red herring prospectus (DRHP) for a ₹10,000-crore IPO.

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Seci, which issues tenders to renewable energy companies for solar, wind, and hybrid projects, expects to tender 20 GW of projects in the ongoing fiscal. The government has set a target of tendering 50 GW of green power capacity every year till FY28. In FY24, the four real estate investor associations (REIAs) and states had bid out over 60 GW of capacity. Seci had tendered 15.2 GW of which 12 GW were concluded and power supply agreement (PSAs) were signed for 7-8 GW.

India's power demand to touch 2,000MW by 2047

Talking of the growing power demand, he said that India's power demand will be 2,000 MW by 2047. India's peak power demand touched a record 250 GW in May.

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Gupta also said that power supply agreements for projects with a cumulative capacity of around 30 GW are yet to be signed. On 3 September, Mint reported that renewable power capacity totaling nearly 30 GW failed to find buyers. The CMD added that as states have begun realizing the renewable energy requirements through purchase obligations set by the Centre, the pace of signing the agreements has increased.

“The pace of signing PSAs has increased, and I am sure in the next 1-2 years the backlog will be wiped out and also in the new bids, contracts will be signed,” Gupta said.

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