The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday gave its approval to the Solar Energy Corporation of India (SECI) to apply to the Registrar of Companies for converting it into a Section 3 company under the Companies Act, 2013 and its renaming.
The new corporation shall be known as Renewable Energy Corporation of India (RECI).
The major impact of the decision will be that SECI will become a self-sustaining and self-generating organisation and will engage itself in owning solar power plants generating and selling power and in other segments of solar sector activities, including manufacturing of solar products and materials. After it is rebranded, the corporation will take up development of all segments of renewable energy namely, geo-thermal, off-shore wind, tidal and so on, apart from solar energy.
The government has also decided to enlarge the scope of the activities of SECI to cover all renewable energy sources, with a view to provide a comprehensive and optimized solution for generation of renewable energy integrating various renewable energy sources.
SECI has initiated various activities for setting up of solar power plants as also for the promotion and commercialization of solar energy technologies, with long term perspective of assuming the role of a solar power developer.