India's SECI to invest $2.2b in renewables by 2030

BENGALURU, Sept 20 (Reuters): State-owned Solar Energy Corporation of India (SECI) on Friday pledged to invest 180 billion rupees ($2.16 bln) in equity for renewable capacity expansion by 2030, and announced plans to go public in the next one to two years.

Large power producers in India have been investing heavily in renewables and committing to expand green energy capacities, in tandem with the government's aim to add at least 500 GW of clean energy by 2030 to reduce carbon emissions.

SECI, which issues tenders to renewable energy developers for solar, wind, and hybrid projects, said it expects to tender 20 gigawatt of projects this fiscal year.

Chairman and Managing Director R.P. Gupta announced SECI's flotation plans at an industry conference, but said no decision had been made yet on the size of the initial public offering.