Greenko Energies, backed by sovereign wealth funds GIC and Abu Dhabi Investment Authority, is considering a potential initial public offering in Mumbai that could raise up to $1 billion, according to Bloomberg. The renewable energy developer has held preliminary discussions with banks about a possible share sale as soon as this year, according to people familiar with the matter.

Advisers have not yet been formally appointed and key details such as the timing and size of the offering remain under consideration. Greenko operates roughly 11 gigawatts of installed renewable capacity across 20 Indian states. The company also has about 20 gigawatts of additional projects under construction.

Founded by Anil Chalamalasetty and Mahesh Kolli, the business has raised and deployed more than $10 billion over the past decade. This includes more than $3 billion in equity financing and over $5 billion through global green bonds. The potential listing would test investor appetite for renewable energy stocks in India following a volatile market debut by industry peer Clean Max Enviro Energy Solutions. Shares in the Brookfield-backed company fell 18% on their first day of trading earlier this month.