India’s renewable energy sector is gearing up for a major fundraising drive through initial public offers (IPO s), with companies planning to hit the markets with issues worth nearly ₹25,000 crore in the coming months.
Among the firms awaiting Securities and Exchange Board of India (SEBI) approval are Emmvee Photovoltaic and Juniper Green Energy, each looking to raise ₹3,000 crore, along with Prozeal Green Energy, which has filed for a ₹700 crore IPO. Regreen-Excel EPC India, an ethanol plant manufacturer, has already received SEBI clearance for a ₹500 crore issue, while Saatvik Green Energy has secured approval for a ₹1,150 crore IPO.
This wave of IPOs follows the blockbuster ₹10,000 crore listing of NTPC Green Energy in November 2024, which set a strong precedent for the sector. Industry experts say the surge underscores the critical role of equity markets in funding the estimated $20-25 billion in annual investments required to meet India’s 2030 renewable energy targets.
Backed by strong investor appetite and valuations comparable to traditional infrastructure companies, renewable energy is emerging as a mainstream portfolio choice. Upcoming filings are also expected from Hero Future Energies (₹5,000 crore IPO) and solar panel manufacturer SAEL.
With India targeting 500 GW of renewable capacity by 2030, up from around 242 GW currently, capital requirements are set to intensify. Experts estimate that between FY26 and FY30, the renewable value chain will need nearly ₹20 lakh crore in capital expenditure. IPOs are expected to play a key role in meeting equity funding needs, particularly as almost 20% of each project requires equity capital that cannot be met through internal accruals alone.
Capacity expansion, backward integration in solar cells and modules, and supportive policies like the domestic content rule for solar projects (effective September 2025) and the rooftop solar push are further fueling the IPO momentum.
If these plans materialize, FY26 could be one of the busiest years ever for renewable energy listings in India.
