The Solar Energy Corporation of India Limited (SECI), playing a pivotal role in the implementation of renewable energy projects in India, has recently been recognized as a Miniratna Category-I Central Public Sector Enterprise (CPSE). This recognition comes from the Ministry of New and Renewable Energy (MNRE), Govt. of India.
About the Solar Energy Corporation of India Limited (SECI)
Established in 2011, the SECI serves as the chief implementing entity of the MNRE for renewable energy initiatives, helping India meet its international commitments. The corporation has been successful in awarding renewable energy (RE) project capacities of over 56 GW. Besides these implementations, SECI also sets up projects through its investments and acts as Project Management Consultant (PMC) for other public sector entities. Adding to their list of achievements, they have also secured the highest credit rating of AAA by ICRA.
SECI’s Contributions to the Solar Sector
SECI has brought about significant advancements in the solar power arena through its development and propagation of innovative technologies. One example includes the floating solar power plants and solar-wind hybrid systems. These, among other large scale solar projects, have attracted substantial domestic and international investments.
SECI’s reach extends to rural and remote locations of the country as well. Initiatives such as off-grid solar power projects and solar pumps for irrigation have promoted the use of solar energy in these regions. These projects have significantly improved the quality of life of people residing in these areas by providing access to clean energy.
Understanding the Criteria for Miniratna Status for CPSEs
There are two categories of Miniratna status granted to CPSEs – Category-I and Category-II.
To be considered for Miniratna Category-I status, a CPSE must have a track record of profit for the last three consecutive years. Further, they must have pre-tax profits of Rs.30 crores or more in at least one of these three years. Additionally, they should maintain a positive net worth.
Miniratna Category-II status, on the other hand, requires the CPSE to have earned profits for the last three continuous years and possess a positive net worth. However, the requirement of a specific amount of profit as mandatory for Category-I is absent in this case.
Moreover, it’s important that Miniratna CPSEs do not default on the repayment of loans or interest payments on any loans due to the Government. Also, they should not depend upon budgetary support or government guarantees.
