SECI to Launch Overseas Arm to Meet Demand for Solar Power Production

SECI to Launch Overseas Arm to Meet Demand for Solar Power Production

Solar parks

SECI is looking forward to launch an overseas arm by the name SECI Videsh to meet the Solar Power Production demand from globally.

In a bid to cater to the overseas demand for solar power, the Solar Energy Corporation of India (SECI) is mulling international foray along with International Solar Alliance (ISA). The renewable energy ministry’s arm may launch an overseas arm by the name SECI Videsh similar to state-run Oil and Natural Gas Corporation Limited (ONGC) Videsh Ltd in the petroleum sector.

“It is just a concept at present. Since we are one of the founder people associated with ISA, we will be working with them to provide some solutions in the renewable energy space with African countries. We have to first look at various other aspects. This includes issues of viability, stability and the actual prospects, following which a decision will be taken,” SECI Chairman Ashwini Kumar told ETEnergyworld speaking along the sidelines of the conference on “India and the International Solar Alliance: Accelerating Global Solar Deployment” organized by CII and WWF in New Delhi.

Also present on the occasion was Philip Odhiambo Programme Coordinator-Energy & Climate Change, WWF Kenya, who said, “Africa offers a developing solar market with an appetite for diverse products catering to varied range of consumers.”

The National Democratic Alliance government’s key renewable energy initiative — International Solar Alliance (ISA) — received a major boost on Monday from African countries — Djibouti, Comoros, Cote d’Ivoire, Somalia and Ghana — with the signing of the ISA framework agreement at the African Development Bank (AfDB) meeting in Gandhinagar.

Minister of new and renewable Energy Piyush Goyal had said that the ministry of finance has earmarked $2 billion of the total $10 billion aid that has been granted to Africa to enhance India-Africa cooperation.

“So far, 30 countries have joined the ISA. The ISA is conceived as a coalition of solar resource rich countries to address their special energy needs and will provide a platform to collaborate on addressing the identified gaps through a common, agreed approach. The ISA is a potent tool for mutual cooperation among the member countries for mutual gains through enhanced solar energy utilization,” a CII statement issued on Friday said.

According to ISA, both Indian Renewable Energy Development Agency Limited (IREDA) and Solar Energy Corporation of India Ltd (SECI) have committed $1 million each for financing of the alliance’ activities.

The International Solar Alliance is also planning to set up a $300 billion Global Solar Fund over ten years with contributions from the World Bank, Official Development Assistance (ODA) and Green Climate Fund to leverage investment from the corporate sector. It aims to introduce an insurance mechanism aimed at mitigating the risks associated with investment and cut down cost of finance for solar power projects.

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