RE-Invest 2024: SECI plans foray into RE power generation, to add 10 GW by 2030

Gandhinagar: Solar Energy Corporation of India (SECI), a public sector undertaking (PSU) which has until now been mostly involved in bidding out Renewable Energy (RE) projects, is planning a major foray into developing RE projects. The company has plans to put in place 10 GW of green power generation capacity by 2030, said its Managing Director (MD) RP Gupta. In an interview with PSU Watch on the sidelines of RE-Invest 2024, the SECI MD said that going forward, the PSU will start participating in bids for RE projects.

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“Going forward, we want to put up our own projects. We want to have at least 10 GW of our own projects by 2030. And now we will be starting the process of participating in bids,” said Gupta. Around 1,200 MW of RE generation projects, which SECI has acquired through bidding, are already under construction and are expected to be commissioned in the next two years, the MD added.

SECI to expand presence in Commercial & Industrial (C&I) segment

The CMD said that the company will be taking up Project Management Consultancy (PMC) in the Commercial and Industrial (C&I) segment, expanding its presence in the sector. “In the C&I segment, we will be taking up PMC work in a big way. And we will be helping C&I customers in putting up their own projects,” said Gupta. C&I segments refers to energy systems used to power commercial and industrial facilities.

SECI to bid about 20 GW RE projects every year until 2030

To achieve the target of installing 500 GW of non-fossil fuel-based power generation capacity by 2030, the government has mandated annual targets for floating tenders for its various Renewable Energy Implementing Agencies (REIAs). These annual targets cumulatively total to 50 GW of RE capacity every year. SECI, which is an REIA, will be bidding out 20 GW of RE projects every year through 2030. “In the last financial year, the REIAs cumulatively bid out more than 50 GW of RE capacity. And I see this momentum continuing. In the current financial year as well, SECI has a target of bidding out 20 GW of RE capacity and we will be able to achieve it,” said Gupta.

“India’s growth story, particularly green growth story, has been noticed by the world. And we are not only the fastest-growing economy, but our green energy sector is growing very rapidly. And this is one of the sectors where the investors have faith and they are putting a lot of money in it. And we have not disappointed them. This is a story which has just begun. It’s only about one-tenth of what can be done. I would say what has happened is just the tip of the iceberg. The rest of it is still unfolding,” he added.

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