SECI inks power sale pacts for 60 GW of renewable energy over 14 years

State-owned Solar Energy Corporation of India (SECI) on Tuesday said it has achieved the milestone of executing over 60 Gigawatts (GW) of power sale agreements of renewable energy (RE) capacity in 14 years.

The Power Sale Agreements (PSAs) cover a diverse portfolio of solar, wind, and hybrid energy projects, collectively representing a significant share of India's rising RE capacity, SECI said in a statement.

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, it said.

"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," Santosh Kumar Sarangi, Chairman and Managing Director of SECI, said.

The company said its 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, it said.