India’s Solar Energy Corporation is considering going public and investing $2.2 billion in renewable energy by 2030

State owned Solar Energy Corporation of India (dry) on Friday pledged to invest 180 billion rupees ($2.16 billion) in capital to expand renewable capacity by 2030, and announced plans to go public in the next one to two years.

Major energy producers in India have been investing heavily in renewables and committing to expanding green energy capabilities, in tandem with the government’s goal of adding at least 500 GW of clean energy reduce carbon emissions by 2030.

SECI, which issues tenders for renewable energy Solar, wind and hybrid project developers said they expect to tender 20 gigawatts of projects this fiscal year.

IPO plans

SECI’s float plans were announced by Chairman and Managing Director RP Gupta at an industry conference but said no decision had yet been taken on the size of the IPO.

India’s IPO market is booming, with around 235 companies going public so far this year and raising more than $8.6 billion, surpassing last year’s total, LSEG data showed.

The country’s benchmark index, Nifty 50, has hit record highs more than 50 times this year.

Earlier this week, NTPC Green Energy, a unit of power producer NTPC, filed its preliminary documents for an IPO worth up to $1.19 billion.

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