India’s largest power generator, NTPC Ltd, aims to take its renewables unit public to help fund a 2.5 trillion rupees ($34 billion) clean energy expansion, according to a company official with knowledge of the plans.

The New Delhi-based producer wants to list its NTPC Renewable Energy Ltd. unit in the next fiscal year, which begins in April 2022. The official said, requesting anonymity as the discussions are private.

It’s intended to enable a dramatic transformation over the next decade for a company that relies on coal to produce the vast majority of its electricity. NTPC aims to double generation capacity to 130 gigawatts by 2032 and slash the share of fossil fuels in that energy mix to about half from 92 per cent currently.

NTPC rose as much as 1.5 per cent in early trading Friday before paring the gain to 0.5 per cent as of 11:12 a.m. in Mumbai. The stock has climbed 26 per cent over the past year, compared with a 46 per cent gain in the benchmark S&P BSE Sensex. The company did not immediately respond to an email seeking comment sent outside usual office hours in India.