Solar Energy Corporation of India Ltd. (SECI)

Solar Energy Corporation of India Ltd. Latest News

Reliance NU Suntech recently signed a 25-year Power Purchase Agreement with the Solar Energy Corporation of India, to develop and commission Asia’s largest single-location integrated solar and battery energy storage system (BESS) project.

About Solar Energy Corporation of India Ltd

• It is the leading Central Public Sector Undertaking (CPSU) dedicated to the development and expansion of Renewable Energy (RE)capacity in India.
• It is the only CPSU dedicated to the renewable energy sector.
• SECI was incorporated in 2011 as a not-for-profit company (Sec. 25 of the Companies Act, 1956) and converted to a commercial company in 2015 (Sec. 3 of the Companies Act, 2013).
• It was established to facilitate the implementation of the National Solar Mission. 
• It is under the administrative control of the Ministry of New and Renewable Energy (MNRE).
• It has been accorded the status of Miniratna Category-I CPSU.
• SECI serves as an implementing agency for the development of Solar, Wind, and Hybrid Projects as part of fulfilling the country’s Nationally Determined Contributions (NDCs).
  • To achieve this, SECI releases tenders for 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. 
  • Once selected, SECI enters into a 25-year Power Purchase Agreement (PPA) with the chosen bidders for the procurement of power from these projects. 
  • Further, SECI establishes back-to-back 25-year Power Sale Agreements (PSA) with DISCOMs/buying entities for the saleof the procured power. 
• Procuring Power:
  • SECI is a Category-I (highest) Power Trading Licensee for trading power on a pan-India basis. 
  • It is the intermediary power procurer for projects being set up through SECI tenders. 
  • It procures power from successful developers under its tenders and sells it to buying entities (i.e. DISCOMs) through long0term PPAs and PSAs, respectively. 
  • SECI is a premier trader of renewable energy power in the country.
• Providing Consultancy Services to other entities: SECI also offers Project Management Consultancy in the Renewable Energy sector to Public Sector/Government entities, including Feasibility Studies, Bid process Management, Construction Monitoring and Management, Commissioning, etc.
• SECI now oversees a massive 65.3 GW of awarded generation capacity.
  • Out of this, more than 60%—over 40 GW—is solar energy.
  • The remaining capacity includes 16.3 GW of wind energy and about 9 GW of hybrid energy projects.

Solar Energy Corporation of India Ltd FAQs

Q1. Under which ministry does Solar Energy Corporation of India Ltd. (SECI) operate?

Ans. Ministry of New and Renewable Energy

Q2. In which year was SECI incorporated?

Ans. 2011

Q3. What kind of bidding process does SECI use to select renewable energy developers?

Ans. Tariff-based competitive e-bidding

Source: MINT