Solar Energy Corporation of India Achieves 60 GW of Power Sale Agreements

The Solar Energy Corporation of India Limited, a Central Public Sector Enterprise under India’s Ministry of New and Renewable Energy, has achieved the milestone of executing over 60 Gigawatts (GW) of Power Sale Agreements (PSAs) of Renewable Energy (RE) capacity.

The Power Sale Agreements cover a diverse portfolio of solar, wind, and hybrid energy projects, collectively representing a significant share of India’s rising renewable energy capacity. This marks a pivotal step in the nation’s progress toward a clean and sustainable energy future and indicates the positive trend of uptake of renewable energy across the country.

Solar Energy Corporation of India Limited (SECL) releases tenders for the selection of RE developers for the establishment of projects on a pan-India or state-specific basis. The selection process for successful bidders is conducted through a tariff-based competitive e-bidding procedure.

Once selected, SECI enters into a 25-year Power Purchase Agreement (PPA) with the chosen bidders for the procurement of power from these projects. Further, SECI establishes back-to-back 25-year Power Sale Agreements (PSA) with DISCOMs/buying entities for the sale of the procured power.

Through these agreements, SECI guarantees long-term purchase of power generated, providing payment security to developers and investors while demonstrating the viability of renewable energy ventures in the country.

Such long-term arrangements are critical to unlocking the full potential of India’s RE sector. By securing off-take for renewable power, SECI strengthens the renewable energy market, attracting developers and financial stakeholders, and facilitating the flow of capital for India’s low-carbon economy.

Mr Santosh Kumar Sarangi, Chairman and Managing Director of SECI, stated, “The signing of 60 GW worth of Power Sale Agreements within just fourteen years of establishment marks a pivotal moment for SECI’s journey. SECI continues to be at the forefront of ensuring that India stays on track to meet its ambitious clean energy targets. We are proud to contribute to the nation’s transition towards a sustainable and low-carbon future.“

Future initiatives will focus on innovative energy storage solutions, strengthening the RE supply chain, advancing the production of green hydrogen and green ammonia, as well as innovative power supply models. These efforts will accelerate the renewable energy transition and support India’s climate commitments.