Solar Energy Corporation of India to be renamed
The Centre has decided to change the name and nature of Solar Energy Corporation of India, a four-year-old central public sector undertaking set up as a not-for-profit company to promote solar energy in India. SECI will be renamed as Renewable Energy Corporation of India (RECI), and will be allowed to seek and make profits, according to a Ministry of New and Renewable Energy press release. Though SECI was not meant to make profits, it made Rs 12-crore profit in 2014-15 and “has become a net worth-positive PSU.”
In the current year, the company, in its new avatar as RECI, is expected to make a profit of Rs 300 crore, the release said. Although SECI is a ‘Section 25 company’, its objectives include owning and operating solar power plants, including mega and ultra power projects and solar parks, trading in electricity and providing solar consultancy services.
Apart from solar, the proposed RECI will take up development of all segments of renewable energy namely geo-thermal, off-shore wind, tidal etc.