In new: Finance Minister in her budget speech 2021-22 announced capital Augmentation of Solar Energy Corporation of India Limited (SECI)
Budget allocation and its significance:
- To give a further boost to the RE sector, an additional capital infusion of Rs 1,000 crore to SECI has been provided which will enable SECI to float 15,000 MW of tenders on yearly basis.
- On a yearly basis, it will attract investment of more than Rs. 60,000 crore, generate employment of 45,000 job years and reduce emissions of 28.5 million tons of CO2 per year.
- Capital infusion will also enable SECI to set up innovative projects with an investment of around Rs.17000 Cr.
About the Solar Energy Corporation of India Limited (SECI)
- Ministry: SECI is a CPSU under the administrative control of the Ministry of New and Renewable Energy (MNRE)
- Establishment: It was set up on 20th Sept, 2011 to facilitate the implementation of Jawaharlal Nehru National Solar Mission(JNNSM) and achievement of targets set therein.
- It is the only CPSU dedicated to the solar energy sector.
To build ‘Green India’ through harnessing abundant solar radiation and to achieve energy security for the country.
Role of SECI
- The company is responsible for implementation of a number of schemes of MNRE, major ones being the VGF schemes for large-scale grid-connected projects under JNNSM, solar park scheme and grid-connected solar rooftop scheme, along with a host of other specialised schemes such as defence scheme, canal-top scheme, Indo-Pak border scheme etc.
- In addition, SECI has ventured into solar project development on a turnkey basis for several PSUs.
- The company also has a power trading license and is active in this domain through trading of solar power from projects set up under the schemes being implemented by it.
- It plans and calls for tenders for development of Renewable Energy(RE) projects on a pan-India basis.
- SECI procures RE power at a central level, thereby reducing the off-taker risk of RE developers and sells it to DISCOMs.
- SECI’s efforts have resulted in flow of investments from all over the world into the country’s RE sector, and in a rapid decline in RE tariffs, which has led to large-scale uptake of RE in the country.
- The cumulative capacity installed in the country as on 31.12.2020 is 91,000 MW and further 50,000 MW of the projects are under implementation of which SECI’s share is 54%.
The Jawaharlal Nehru National Solar Mission(JNNSM)
- JNNSM, also known as National Solar Mission, is one of the eight key National Mission’s which comprise India’s National Action Plan on Climate Change (NAPCC).
- NAPCC was launched on 30th June 2008 which identified development of solar energy technologies in the country as a National Mission. T
- he mission was approved on January 11, 2010 by the government.
- The Mission has set the ambitious target of deploying 20,000 MW of grid connected solar power by 2022, which was revised to 1,00,000 MW by 2022 during June 2015.