The Solar Energy Corp. of India (SECI) which was formed in 2011 as a non-profit will now be converted into a commercial organization that will sell solar power besides developing other renewable sources of energy. With a view to boosting India’s renewable energy sector, SECI will now be renamed to Renewable Energy Corp. of India (RECI).
The company will have its own solar plants for generating and selling power. Additionally, it will manufacture other solar materials, thus becoming a full-fledged corporate entity. On being renamed, SECI will also foray into other renewable energy sources such as tidal, wind and geothermal.
The development comes at the back of the government’s efforts to provide a holistic solution for renewable energy generation with the integration of various sources of renewable energy. The cabinet also believes that solar, small hydro and wind have a complementary generation profile, thus generating uniform power. Ultimately, the move is expected to reduce the stress on distribution networks and result in better grid management.
Source: The Hindu
In the past, SECI has been involved in activities directed at the commercialization and promotion of solar energy in the country. It also registered a profit of INR 12 crore in FY2014 and is expected to generate an even higher profit this year.
The move signals SECI assuming a more central role in the country’s solar ecosystem at large. Around the same time, the cabinet also approved the major decision of increasing the country’s solar power generation target from 20,000 MW to 100,000 MW by 2022. India’s current installed renewable energy capacity stands at 35,776 MW with solar power forming only 3,743 MW of the share.
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