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The Ministry of New and Renewable Ministry (MNRE) on Saturday said it will infuse ₹1,000 crore in state-run Solar Energy Corporation of India (SECI) as it eyes financing renewable energy (RE) capacity of 3,300 megawatt (MW). “Government has approved an equity infusion of ₹1,000 crore in Solar Energy Corporation of India (SECI). This will enhance SECI’s capital asset base, facilitate installation of additional 3,300 MW RE projects and enable it to take up several innovative projects,” MNRE said in a statement. The equity infusion will increase SECI’s net worth, thereby boosting its lending capacity. As per RBI norms, an agency can extend loans on 20 per cent of its net worth. SECI’s net worth grew 25.56 per cent Y-o-Y to ₹873.58 crore for the quarter ended March 31, 2021, from ₹695.72 crore a year-ago, which enabled it to borrow to the extent of ₹2,620.74 crores at a Debt Equity ratio of 3:1. Last month, the agency invited bids for supplying 1200 megawatts (MW) of solar photovoltaic (PV) modules. The last date for submitting the EoIs is January 21, and the modules have to be delivered in FY2024. SECI is the implementing agency for various schemes for the development of solar, wind, and hybrid power in the country. As of December 2021, it has successfully awarded more than 50 gigawatts (GW) of renewable capacity across the country, out of which 32.69 GW is solar power, 12.73 GW is wind power and 5.35 GW is hybrid power. Besides, it has operational capex projects of 21 MW capacity under its ownership and the company is looking to expand its portfolio in renewable energy. SECI also has a Category-I trading license from the Central Electricity Regulatory Commission (CERC) to carry out power trading on a pan-India basis. This is part of the government’s thrust on renewable energy (RE). India is home to one of the world’s largest RE programmes, with a target of 175 gigawatts (GW) of installed RE capacity by 2022. Recently, Prime Minister Narendra Modi pledged to increase the country’s RE capacity to constitute 500 GW of India’s total installed capacity by 2030. The government also wants to increase the contribution of RE sources in the country’s power generation to more than 50 per cent by the end of this decade, as the world’s second largest power consumer pledged to become carbon neutral by 2070.
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