SECI plans to launch IPO in 1 or 2 yrs to expand renewable energy capacity

State-owned Solar Energy Corporation of India (SECI) will go public to raise funds in next one or two year in order to expand renewable energy capacity in the country, said a top company official.

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 500 GW target.

"We would like to go public in 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 for helping them expand in renewable sector.