The Solar Energy Corporation of India Limited (SECI) is a Navratna Central Public Sector Undertaking (CPSU) under the administrative control of the Ministry of New and Renewable Energy (MNRE). It is a Public Limited Company, incorporated on September 20, 2011, to facilitate the implementation of the Jawaharlal Nehru National Solar Mission (JNNSM). SECI was initially established as a not-for-profit entity under Section 25 of the Companies Act, 1956 (now Section 8 of the Companies Act, 2013), with the mission of promoting solar energy.
The company's structure changed in 2015 when the Union Cabinet approved its conversion to a commercial company, often referred to as a Section 3 company under the Companies Act, 2013, to allow it to generate and sell power and undertake other commercial activities. This conversion enabled SECI to become a self-sustaining entity and expand its scope beyond solar to the entire renewable energy domain.
SECI functions as a designated Renewable Energy Implementing Agency (REIA) for MNRE schemes, playing a pivotal role in India's goal of achieving 500 GW of non-fossil fuel capacity by 2030. Its primary mechanism involves releasing tenders for renewable energy projects through a tariff-based competitive e-bidding process. As a power procurement intermediary, SECI signs 25-year Power Purchase Agreements (PPAs) with developers and back-to-back Power Sale Agreements (PSAs) with state Distribution Companies (DISCOMs). This model provides payment security to developers, enhancing project bankability and helping to lower tariffs. SECI's mandate has recently expanded to include new areas like Green Hydrogen, Energy Storage, and offshore wind. The company was recently accorded the prestigious Navratna status in 2024.