Estimating $7.7 billion investment in solar, wind, and battery storage, SECI now plans to bid for state renewable energy projects.
The Solar Energy Corporation of India (SECI) is set to bid for renewable energy projects across states to achieve its goal of 10 gigawatts of renewable energy capacity by 2030. According to Chairman and Managing Director R.P. Gupta, it anticipates investments of a total of $7.7 billion for a portfolio of solar, wind, and battery storage projects by the target year.
SECI recognises the need to adapt to states pursuing their tenders as a part of its commitment to India’s goal of reaching 500 gigawatts of renewable energy by the next decade, aligned with a net zero target for 2070.
Gupta explained that entering the developer space is essential for SECI to remain competitive, and participating in state bids would represent a new direction for the organisation.
To fund these initiatives, SECI plans to secure debt for approximately 75-80% of the required investment, with the remainder financed through equity and internal resources. Additionally, SECI intends to go public within the next one to two years to bolster its financial position.
Currently boasting a renewable power generation capacity of 300 megawatts, SECI is also working on 1,200 megawatts of projects expected to be operational by June 2026. The company is expanding its workforce to support its growth as a power producer, marking a shift from smaller-scale projects to larger, more impactful ventures in the renewable energy sector.
