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Solar Energy Corporation of India Limited

  • 15 Apr 2023
  • 3 min read

Why in News?

Recently, the Solar Energy Corporation of India Limited (SECI) has been recognized as a Miniratna Category-I Central Public Sector Enterprise (CPSE) by the Ministry of New and Renewable Energy (MNRE), Govt. of India.

What is Solar Energy Corporation of India Limited?

  • About:
    • SECI was incorporated in 2011 and serves as the primary implementing agency of the MNRE for Renewable Energy schemes/projects towards fulfilling India's international commitments.
  • Achievement:
    • SECI has already awarded Renewable Energy (RE) project capacities of over 56 GW and is also involved in setting up of projects through its own investments and for other public sector entities as Project Management Consultant (PMC).
      • SECI has also achieved the highest credit rating of AAA by ICRA.
  • Contribution to Solar Sector:
    • SECI has also played a key role in the development of innovative solar power technologies, such as floating solar power plants and solar-wind hybrid systems.
      • It has been involved in the auction of large-scale solar projects, which has attracted significant investments from domestic and international players.
    • In addition, SECI has implemented various initiatives to promote the use of solar energy in rural and remote areas of the country, such as off-grid solar power projects and solar pumps for irrigation.
      • These initiatives have helped to improve the quality of life of people living in these areas by providing access to clean energy.

What are the Criteria for Miniratna Status for CPSEs?

  • Miniratna Category-I Status: The CPSEs which have made profit in the last three years continuously, pre-tax profit is Rs.30 crores or more in at least one of the three years and have a positive net worth are eligible to be considered for grant of Miniratna-I status.
  • Miniratna Category-II Status: The CPSEs which have made profit for the last three years continuously and have a positive net worth are eligible to be considered for grant of Miniratna-II status.
    • Miniratna CPSEs should have not defaulted in the repayment of loans/interest payment on any loans due to the Government.
    • Miniratna CPSEs shall not depend upon budgetary support or Government guarantees.

Source: PIB

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