India is witnessing a revival in clean-energy initial public offerings (IPOs) as companies seek to capitalize on Prime Minister Narendra Modi’s aggressive renewable energy targets, Bloomberg reported.
The rebound began this week with solar panel maker Vikram Solar Ltd., which launched a share sale aiming to raise as much as 20.8 billion rupees ($239 million). More than a dozen other green-energy firms — including Hero Future Energies, Avaada Energy, Inox Clean Energy and Clean Max Enviro Energy Solutions — are preparing listings that could collectively raise over $4 billion, according to primedatabase.com and local media.
The surge follows a lull in 2025, when the sector saw no major deals, after raising $2.4 billion through IPOs in 2024. Analysts attribute the rebound to India’s broader IPO momentum and the government’s push to more than double renewable capacity to 500 gigawatts by 2030 — roughly equal to the total installed power generation of the UK, France and Germany combined.
“A perfect storm of policy clarity, proven technologies and global ESG capital is powering India’s clean-energy IPO rush,” said Amit Ramchandani, CEO of Motilal Oswal Investment Advisors. He noted that demand for storage-linked, round-the-clock green power projects is accelerating.
India’s clean-energy capacity reached 246 gigawatts in July, government data shows, with solar leading at 119 GW, followed by wind (52 GW) and hydropower (50 GW). Modi has also pledged for India — the world’s third-largest carbon emitter — to hit net-zero emissions by 2070.
The country stands out as a rare bright spot for green listings. Globally, clean-energy IPOs have struggled in recent years due to higher interest rates and shifting policies, particularly in the U.S. under President Donald Trump’s renewed emphasis on fossil fuels.
Among upcoming Indian deals:
- Hero Future Energies Ltd., backed by KKR & Co., is preparing a 50 billion rupee IPO.
- Clean Max Enviro Energy Solutions Ltd. has filed IPO documents.
- Fujiyama Power Systems Ltd. won regulator approval in July.
- Avaada Energy, Continuum Green Energy, Emmvee Photovoltaic Power, and Saatvik Green Energy are also lining up.
Top arranger Kotak Mahindra Capital expects Indian companies across sectors to raise more than $30 billion via IPOs over the next year, with renewables driving a significant share.
