Solar Energy Corporation of India

Solar Energy Corporation of India Ltd.
Company typePublic sector undertaking
IndustrySolar energy
Founded9 September 2011; 13 years ago (2011-09-09)
Headquarters6th Floor, Plate-B, NBCC Office Block Tower-2, East Kidwai Nagar,
New Delhi - 110023
,
India[1]
Area served
India
₹ 511 crore (2023)
ParentMinistry of New and Renewable Energy
Websitewww.seci.co.in

Solar Energy Corporation of India Ltd. (SECI) is a public sector company of the Ministry of New and Renewable Energy, Government of India, established to facilitate the implementation of the National Solar Mission (NSM).[2] The company's mandate has been broadened to cover the entire renewable energy domain and the company will be renamed to Renewable Energy Corporation of India (RECI).[3][4] The company attained Navratna status in 2024, which allows the organisation to undertake substantial investments of up to ₹1,000 crore without needing approval from the Centre.

The company is responsible for implementation of a number of government schemes,[5] major ones being the VGF schemes for large-scale grid-connected projects under NSM, solar park scheme and grid-connected solar rooftop scheme, along with a host of other specialised schemes such as defence scheme, solar canals, and Indo-Pak border scheme.

In addition, SECI has ventured into solar project development on turnkey basis for several PSUs.[6] The company also has a power-trading licence and is active in this domain through trading of solar power from projects set up under the schemes being implemented by it.[7] IREDA, REC and Tusco Ltd. are some of the public sector rivals in the same space.

Background

SECI was incorporated in year 2011 as not for profit company (Sec. 25 of Companies Act, 1956) and converted to a commercial company in 2015 (Sec. 3 of Companies Act, 2013). SECI releases tenders for the selection of Renewable Energy (RE) developers for the establishment of Projects on a Pan-India or State-specific basis. The selection process for successful bidders is conducted through a tariff-based competitive e-bidding procedure.[8]

SECI invited bids to setup 2000MW inter-state grid connected solar power projects. SECI will be paid 265$ million USD under this tender.

Though SECI was not meant to make profits, it made profits of ₹12 crores in 2014–15 following which the Union Cabinet under the chairmanship of Prime Minister Narendra Modi gave its approval to the SECI to:

  1. Converting it into Section 3 Company under the Companies Act, 2013, and
  2. Renaming it as Renewable Energy Corporation of India (RECI)

The major impact of the decision will be:

  1. SECI will become a self-sustaining and self-generating organisation with its own solar power plants that will generate and sell power. It will also help the company in other segments of solar sector activities, including manufacturing of solar products and materials since it was not allowed earlier.
  2. SECI will become RECI after change of its name and then will take up development of all segments of renewable energy namely, geo-thermal, off-shore wind, tidal etc. apart from solar energy.[3][4][9]
  3. In 2016, SECI also faced huge challenges. Since India's reverse auction mechanism has not stabilized the market and system in 2016, SECI has conducted 9 auctions. However, most of the projects were unable to proceed normally, and many bids were under-subscribed.[10]

References

  1. ^ "Contact Us :: Solar Energy Corporation of India (SECI), A Government of India Enterprise". SECI.gov.in. Retrieved 8 March 2017.
  2. ^ "Solar Energy Corporation of India plans to set up more solar plants - The Economic Times". Economictimes.indiatimes.com. 3 May 2016. Retrieved 5 September 2016.
  3. ^ a b "Conversion of Solar Energy Corporation of India from Section 8 company to Section 3 company under the Companies Act, 2013 and renaming it as Renewable Energy Corporation of India (RECI)". Pib.nic.in. 20 September 2011. Retrieved 5 September 2016.
  4. ^ a b "Solar Energy Corp of India converted into commercial entity". Livemint. 25 June 2015. Retrieved 5 September 2016.
  5. ^ Our Bureau (24 June 2015). "Solar Energy Corporation of India to be renamed | Business Line". Thehindubusinessline.com. Retrieved 5 September 2016.
  6. ^ "Delhi metro signs mou with solar energy corporation of India, to jointly take up off site solar power project update". Delhimetrorail.com. 17 September 2013. Retrieved 5 September 2016.
  7. ^ "Introduction :: Solar Energy Corporation of India (SECI), A Government of India Enterprise". seci.gov.in. Retrieved 15 May 2016.
  8. ^ https://www.newindianexpress.com/business/2024/Nov/21/seci-the-central-psu-at-heart-of-adani-bribery-allegations
  9. ^ "Solar Energy Corporation of India to be renamed". The Hindu Business Line. 24 June 2015. Retrieved 14 February 2017.
  10. ^ Kandpal, Divik; Dhingra, Tarun (1 September 2021). "Migrating to reverse Auction mechanisms in wind energy sector: Status and challenges". Energy Policy. 156: 112352. doi:10.1016/j.enpol.2021.112352. ISSN 0301-4215.

See also