Source: News on Air
Context: The Solar Energy Corporation of India (SECI) has successfully executed over 60 GW of Power Sale Agreements (PSAs) for solar, wind, and hybrid energy projects.
About Solar Energy Corporation of India (SECI):
- What is SECI?
- SECI is a Central Public Sector Undertaking (CPSU) under the Ministry of New and Renewable Energy (MNRE). It serves as a nodal agency for implementing India’s renewable energy initiatives.
- Established: 2011, to implement the National Solar Mission (NSM).
- Aim:
- SECI was initially focused only on solar energy.
- SECI’s scope has expanded to cover the entire renewable energy spectrum, and it will soon be renamed Renewable Energy Corporation of India (RECI).
- Functions and Roles
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- Power Sale Agreements (PSAs): SECI provides long-term power purchase guarantees to developers, boosting investor confidence in RE ventures.
- Implementing Govt Schemes: Manages key schemes such as the Viability Gap Funding (VGF), solar parks, rooftop solar, solar canals, and defence & border projects.
- Innovative Models: Pioneers hybrid RE solutions like solar-wind combos, Round-the-Clock (RTC) power, and Firm & Dispatchable RE (FDRE) projects.
- Project Development: Acts as turnkey developer for PSUs, expanding RE reach to diverse sectors.
- Power Trading: Operates with a power trading license to sell solar power from implemented schemes.
- Mission-Driven: Aims to democratize clean energy access, enhance grid reliability, and create a low-carbon economy through scalable RE models.
- Significance of the 60 GW PSA Milestone:
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- Capital Infusion: Guarantees secure offtake and encourages large-scale private and public investments in RE.
- Market Expansion: Enhances RE adoption among states by offering customized power solutions based on regional needs.
- Navratna Status (2024): SECI can now independently invest up to ₹1,000 crore, fast-tracking green infrastructure without central approval.
