SECI Plans to Bid for State Projects, Building 10 Gigawatts Capacity
Solar Energy Corporation of India(SECI) will start inviting tenders for renewable energy projects in states as it races toward building 10 gigawatts of capacity by 2030, said Chairman and Managing Director R.P. Gupta. "We will invite bids for projects at the state level", Gupta said in an interview on the sidelines of the fifth World Renewable Summit in New Delhi. SECI, which runs federal tenders for renewable energy projects, will invest $7.7 billion by 2030 in solar, wind and battery storage projects.
India wants to reach 500 GW of renewable energy capacity by 2030 as part of its overarching target of achieving net zero by 2070. The country is already at around 154 GW in place. Gupta said that many states were working independently on their tenders, and hence, SECI had to shift towards the developer model so that it didn't lag behind the industry. "This is a new business for us", he said.
SECI has considered as much as sourcing around 75% to 80% of the total funds through debt financing. The balance will come from equity and internal sources. Recently, the corporation has resolved to go public within one or two years.
It is also planning international growth apart from its domestic renewable portfolio expansion. For instance, it already has a project management consultant background and has emerged as a developer now. As of now, SECI has an operational capacity of 300 MW through renewable power generation and is developing projects equivalent to 1,200 MW, which are likely to be commissioned by June 2026. Gupta said the company is in the process of adding more personnel to enhance its scale.
