Why in news?

Solar Energy Corporation of India (SECI) participates in COP 27, Egypt

Highlights

• Parent Ministry : Ministry of New and Renewable Energy, Government of India,
• Aim : Established to facilitate the implementation of the National Solar Mission (NSM).
• It is the only Central Public Sector Undertaking (PSU) dedicated to the solar energy sector.
• The company’s mandate:  to cover the entire renewable energy domain
• the company will be renamed to Renewable Energy Corporation of India (RECI).
• Formed Under : the Companies Act, 1956 (now Companies Act, 2013).
• Nature of organization Non-for-Profit Company to promote solar energy in India.
• Functions : The company is responsible for implementation of a number of government schemes, major ones being the VGF schemes for large-scale grid-connected projects under NSM, solar park scheme and grid-connected solar rooftop scheme, along with a host of other specialised schemes such as defence scheme, solar canals, and Indo-Pak border scheme.
• The company also has a power-trading licence and is active in this domain through trading of solar power from projects set up under the schemes being implemented by it