• UGI USER
  • Aug 31, 2024
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SECI ATTAINS NAVRATNA STATUS AMID RENEWABLE ENERGY EXPANSION

Why in the news?

  • Solar Energy Corporation of India Ltd (SECI), a Central Public Sector Enterprise (CPSE) under the Ministry of New and Renewable Energy, has been awarded Navratna status by the Ministry of Finance on 30th August 2024.
  • This upgrade comes as SECI completes 13 years since its inception.

Key Achievements and Performance:

  • Solar Energy Corporation of India Ltd(SECI) is a prominent player in India’s renewable energy sector, having awarded a cumulative generation capacity of 69.25 GW.
  • The organisation has achieved an annual power trading volume exceeding 42 Billion Units.
  • For the Financial Year 2023-24, SECI reported a consolidated annual turnover of ₹13,118.68 crore, reflecting a 20.85% growth over the previous year.
  • The company also recorded a Profit After Tax (PAT) of ₹510.92 crore, marking a 34.89% increase.
source:edurev
About Solar Energy Corporation of India Ltd:

SECI, incorporated in 2011, is the key implementing agency under the Ministry of New and Renewable Energy (MNRE) for Renewable Energy projects, aiming to fulfil India’s global commitments.

Achievement:

  • SECI has awarded over 56 GW of Renewable Energy project capacities.
  • It holds a AAA credit rating by ICRA and acts as a Project Management Consultant (PMC) for public sector projects.

Contribution to Solar Sector:

  • SECI has pioneered innovative technologies like floating solar plants and solar-wind hybrids.
  • It has led large-scale solar auctions, attracting significant investments.
  • SECI promotes solar energy in rural areas, improving access to clean energy through off-grid projects and solar pumps for irrigation.

Associated Article:

https://universalinstitutions.com/centre-tweaks-pm-solar-free-electricity-scheme/