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Clean Energy Firms Line Up Rs25,000 Crore IPOs as Sector Gains Investor Traction

India’s renewable energy sector is preparing for a fundraising wave, with green energy companies planning initial public offerings (IPOs) worth nearly ?25,000 crore in the coming months. The surge follows the blockbuster ?10,000 crore listing of NTPC Green Energy in November 2024, which boosted confidence in the sector’s capital market potential.

Several firms are at advanced stages of approval. Emmvee Photovoltaic and Juniper Green Energy have each filed for ?3,000 crore IPOs, while Prozeal Green Energy has proposed a ?700 crore issue. Regreen-Excel EPC India, focused on ethanol plants, has already received approval for a ?500 crore IPO, and Saatvik Green Energy has the nod for a ?1,150 crore issue. Meanwhile, Hero Future Energies, backed by KKR and the Munjal family, is preparing for a ?5,000 crore IPO, and solar manufacturer SAEL is expected to file soon.

Experts note that strong investor appetite and valuations at par with traditional infrastructure firms are making renewable energy a mainstream portfolio choice. Equity markets are expected to play a key role in funding India’s $20–25 billion annual investments needed to meet its 2030 target of 500 GW renewable capacity, up from around 242 GW today.