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India’s government is preparing to list a federal auctioning firm focused on green projects, Solar Energy Corp. of India Ltd., in the hopes of cashing in on the national enthusiasm for clean energy stocks.
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SECI, one of four government companies tasked with rolling out renewables in the country, has helped build about 30 gigawatts of wind and solar projects. The government has asked the renewable energy ministry to accelerate efforts to list the New Delhi-based firm, according to people familiar with the matter who asked not to be identified because terms of the planned listing are still being discussed.
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The renewable energy ministry and SECI didn’t immediately respond to emailed requests for comment.
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India has seen a raft of equity offerings by green energy companies in recent months — from solar panel makers to power producers — helped by the government’s push to decarbonize the world’s third-largest emitter. The nation aims to double its clean power capacity to 500 gigawatts by 2030, an early milestone along its path to net zero by 2070.
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SECI and other government firms auction off renewables projects, arrange electricity buyers, and act as intermediaries between the producers and procurers of power. They provide developers with payment guarantees and much-needed certainty to speed up the process.
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While the renewables sector continues to grow, some uncertainties loom on the horizon. India has begun reducing waivers on inter-state power transmission charges for renewables. These new costs have added to state utilities’ concerns they may have to pay on top of the trading fees already charged by federal auctioning agencies like SECI, and have spurred them to plan their own auctions.
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That’s pushed SECI to build its own portfolio of projects like its peers, NTPC Ltd., NHPC Ltd. and SJVN Ltd. The company has less than 200 megawatts of its own capacity and plans to take it to 10 gigawatts, according to its latest annual report. It reported a profit of 5 billion rupees ($56 million) in the year ended March 2025, marking 15% growth from the previous year.
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