FY 2023-24: SECI Snags Excellent Rating With Over 73 GW Awarded Capacity

In 2024, Solar Energy Corporation of India Ltd (SECI) exceeded a cumulative awarded renewable generation capacity of 73 GW as of December 31. In the financial year 2023-24, the company saw a substantial 22.13% increase in its annual trading volume, reaching a total of 42.935 billion units. SECI recorded a total income of Rs. 13,135.80 Cr., reflecting robust growth of 20.91% over the previous year. Additionally, the company achieved a Profit After Tax (PAT) of Rs. 436.03 Cr., marking a 38.13% increase.

As a leading Central Public Sector Enterprise, SECI played a pivotal role in the renewable energy (RE) capacity expansion in India. SECI is the premier Renewable Energy Implementing Agency (REIA) in the country. SECI also secured an “Excellent” rating for its performance under the Memorandum of Understanding (MoU) with the Ministry of New & Renewable Energy (MNRE) for the financial year 2023-24. The company earned a score of 96 out of 100.

In recent months, SECI has indicated plans to get into project development directly, besides initiatives in green hydrogen. A key point of worry has been the failure to sign PSA’s for tenders already awarded, something that the government will be keen to see a resolution to at the earliest. An extreme example was the quasi cancellation of the first storage tender by the PSU, when the CERC declined to adopt tariffs for the same, citing the ling delay in signing of the PPA that was not explained clearly by SECI.

That has forced the premier agency to consider changing its existing tendering system in the future, with options being considered to firm up demand and a tariff ceiling before launching tenders. In case that is done, the actual tender volumes can be expected to slump, considering the long list of compliance and other red tape that any government firm will need to go through.