Full Form of SECI, Solar Energy Corporation of India Ltd

The full form of SECI is the Solar Energy Corporation of India Ltd. 

What is SECI

SECI is a government-owned company. SECI was set up by the Ministry of New and Renewable Energy to aid in implementing the National Solar Mission (NSM). It is the only central public sector undertaking (PSU) devoted to solar energy. The company expanded its mandate to include the entire renewable energy domain.

The company is in charge of implementing several government schemes. The VGF schemes for large-scale grid-connected projects are the most important. NSM projects which are also included are the grid-connected solar rooftop scheme and the solar park scheme. In addition, it includes a variety of other specialized schemes, such as the defense scheme, solar canals, and the Indo-Pak border scheme.

SECI has also ventured into turnkey solar project development for several PSUs. The corporation also has a power-trading license. The corporation is active in this domain by trading solar power generated by projects. 

History 

"Solar Energy Corporation of India Ltd" (SECI) is a CPSU (Central Public Sector Undertaking). The Ministry of New and Renewable Energy (MNRE) has administrative control over SECI. SECI was set up on September 20, 2011. SECI was formed to help the implementation of the National Solar Mission (NSM) and achieve the targets set therein. 

Solar Energy Corporation of India Ltd is a not-for-profit company incorporated under the Companies Act, 1956, as a Section-25. However, in 2015, the Government of India converted the company into a Section-3 company through an amendment to the Companies Act 2013.

Though SECI was not intended to make profits. In 2014-15, the Union Cabinet, chaired by Prime Minister Narendra Modi, authorized SECI to: 

• Convert it to a Section 3 company under the Companies Act of 2013, and
• Change its name to Renewable Energy Corporation of India (RECI)

The major consequences of the decision are given below: 

1. SECI will become a self-sufficient and self-generating organization. Because of its solar power plants that will produce and sell electricity. It will also assist the company in other sections of solar sector activities. Moreover, It includes the prohibited section, such as manufacturing solar materials and products.
2. Apart from solar energy, SECI will change its name to RECI. It will Develop all renewable energy segments such as geothermal, off-shore wind, tidal, etc.
3. SECI faced significant challenges in 2016. SECI has held 9 auctions. Since India's reverse auction method failed to stabilize the economy and system in 2016. . However, most projects could not continue, and several bids were under-subscribed.

Mission and Vision

Vision

SECI's vision is to create a "Green India" by harnessing abundant solar radiation. Moreover, achieving energy security for the country.

Mission

SECI is working on the mission: To become a leader in developing large-scale solar installations, plants, and parks. In addition, to promote and commercialize the use of solar energy in India's most remote areas.

To be a pioneer in developing and applying new solar energy technologies.

Objective

SECI is an initiation by the government of India to aid in implementing the National Solar Mission (NSM) and achieving its objectives. It is the only CPSU devoted to solar energy.

It develops and promotes renewable energy resources, especially solar energy, power trading, and also research and development (R&D). 

Services Offered by SECI

SECI provides consulting services for ground-mounted solar plants and large-scale rooftop PV systems. Here are some :

• Feasibilities studies
• Owner’s engineering 
• Preparing the DPR
• Advisory on project management
• Turnkey solutions (from concept to commissioning)

SECI Rooftop Model

SECI currently implements the rooftop scheme using two models 

CAPEX Model

In this case, the owners of the roofs own the entire facility. Throughout the life of the installation, the roof owner is also responsible for maintenance and repair (25 years). The developer is responsible for the installation of the system and the first two years of operation and maintenance.

Developers, in this case, are selected through a cost-based reverse bidding process. The selected bidders will receive a 30% discount on the system cost (excluding taxes).

RESCO model

In this case, the developer owns the entire system. Throughout the life of the system, the developer is also responsible for repairs and maintenance (25 years). The rooftop owners can use the electricity generated but must pay a monthly fee based on a set rate.

Excess electricity can be fed into the grid if the necessary government regulations are in place. In this case, developers are selected through a tariff-based bidding process (in phase IV).

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