SECI Earns 'Excellent' Rating for FY 2023-24, Marks Milestones in Renewable Energy Growth and Financial Performance

As India’s premier Renewable Energy Implementing Agency (REIA), SECI has been instrumental in expanding the country’s renewable energy (RE) capacity.

The Solar Energy Corporation of India Ltd (SECI) has achieved an "Excellent" rating for its performance under the Memorandum of Understanding (MoU) with the Ministry of New & Renewable Energy (MNRE) for the financial year 2023-24, earning an impressive score of 96 out of 100. This accolade reflects SECI’s steadfast commitment to operational excellence and adherence to high corporate governance standards.

As India’s premier Renewable Energy Implementing Agency (REIA), SECI has been instrumental in expanding the country’s renewable energy (RE) capacity. By December 31, 2024, the organization had awarded a cumulative RE generation capacity exceeding 73 GW, reinforcing its pivotal role in supporting national climate goals and driving sustainable development.

Strong Financial Growth

SECI reported robust financial performance during FY 2023-24, marked by:

• A 22.13% increase in annual trading volume, reaching 42.935 billion units.
• A total income of ₹13,135.80 crore, showcasing a significant growth of 20.91% compared to the previous fiscal year.
• A Profit After Tax (PAT) of ₹436.03 crore, reflecting an impressive growth of 38.13%.

This remarkable financial trajectory underscores SECI’s strategic efficiency and its ability to sustain growth in the competitive renewable energy sector.

Recognition and Milestones

On August 30, 2024, SECI was conferred Navratna status by the Ministry of Finance, a recognition that underscores its strategic importance and operational excellence within India’s public sector enterprises. The Navratna status empowers SECI with enhanced autonomy, enabling greater operational flexibility to pursue ambitious renewable energy projects.

Future Commitments

SECI remains steadfast in its mission to support India’s energy transition, focusing on innovative renewable energy projects, fostering partnerships, and integrating advanced technologies. The organization continues to align its efforts with India’s commitment to achieving 500 GW of non-fossil fuel capacity by 2030, setting a benchmark for excellence in the global renewable energy landscape.

This achievement solidifies SECI’s leadership in shaping India’s clean energy future, exemplifying the organization’s ability to deliver outstanding results while advancing national and global sustainability goals.