Goldi Solar Pvt., a major Indian solar panel manufacturer, is exploring an initial public offering that could raise up to $350 million, according to sources familiar with the plans. The move signals growing investor appetite for India's renewable energy sector as the country accelerates its transition to clean power.

The potential listing would join a resurgence of IPO activity among Indian green energy firms. Companies like O2 Power and ReNew Energy Global have recently tapped public markets, capitalizing on government targets to install 500 gigawatts of renewable capacity by 2030. Goldi Solar currently operates 1.5 GW of panel production capacity across Gujarat.

A successful offering would provide capital to expand manufacturing as India seeks to reduce reliance on Chinese solar imports. The Ahmedabad-based company competes with Tata Power Solar and Adani Solar in a market projected to grow 15% annually through 2028.