SECI Surpasses 73 GW of Renewable Energy Projects; SECI declares healthy growth for FY 2023-24
SECI has attained the significant achievement of sanctioning more than 73 GW of renewable energy projects till December 2024. This is a step closer to India’s ambitious renewable energy targets, national climate goals, and sustainable development objectives.
Role of SECI in India’s Renewable Energy Expansion
Being the nation’s only executing agency for renewable energy, SECI fills an important slot and emphasizes a transition towards all renewables in all parts of the country. In doing so, it makes all this quite accountable in facilitating with ambitious targets announced by the nation with an ambition to double capacities related to renewables, which includes the capacities in India concerning solar and wind sources alongside other clean source capacities.
The cumulative capacity of the renewable energy projects under SECI reached 73 GW as on December 2024. Both solar, wind, and hybrid energy projects position SECI as an indispensable entity in the energy transformation process of the country.
Excellent Performance under MoU with MNRE
SECI has secured an “Excellent” grade in the MoU with MNRE for the performance during the financial year 2023-24. With a score of 96 out of 100, the grade manifests the efficiency and commitment of SECI in performing its tasks such as handling large-scale renewable energy projects for the energy transition of India.
Trading and Financials had been pretty good this year.
SECI saw great growth in its trading volume this FY 2023-24 with a 22.13% growth rate. The firm traded 42.935 billion units of renewable energy. This again speaks of increasing relevance to clean energy markets.
The financial performance for the year was no less spectacular. SECI had total income of ₹13,135.80 crores that was 20.91% higher than the last fiscal year. The PAT was at ₹436.03 crores that reflected a 38.13% jump over the preceding fiscal year. All such details show improvement in the revenue generation capabilities of SECI while handling large-scale renewable energy initiatives.
Navratna Company Status
SECI was the first enterprise from the country related to renewable energy that had been accorded Navratna status.
On August 30th, 2024, the Ministry of Finance declared SECI to be a Navratna status. And thereby, its comparative advantage lies in increased managerial freedom over matters related to decision-making and resource exploitation; the firm would have tried to do even more to add muscle to their capabilities and have added more richness to India’s portfolio of renewable energies.
SECI Contributions to National Energy Goals
The non-fossil fuel-based energy capacity in India will also be around 500 GW by 2030, challenging enough; this targets exactly the same direction as ongoing projects and activities towards SECI for diversification from coal to other fossil fuels.
The corporation’s effort in scaling up renewable energy capacities has ensured energy security for India, besides contributing toward global efforts toward reducing greenhouse gas emissions and curbing climate change.
Future Outlook
As the capacities granted by SECI keep on increasing, with renewable energy projects implemented successfully, this agency is on the verge of being one of the top agencies in India’s transition towards energy. It is required to take proactive efforts to enable the country to achieve its goals for renewable energy and carbon reduction.
Given all that support by the government and technologies in progress combined with strategic energy infrastructure investment, SECI may assume a larger play in the game of renewable energies.