Key Points

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.

The SECI, a Navratna public sector enterprise, 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 through these purchase agreements.

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

SECI Chairman and Managing Director Santosh Kumar Sarangi said: "The signing of 60 GW worth of Power Sale Agreements within just fourteen years of establishment marks a pivotal moment. The 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 renewable energy 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, he added.

Prime Minister Narendra Modi has fixed a target of 500 GW for renewable energy capacity by 2030 as part of the country's goal to reduce its carbon footprint in the fight against climate change.

Solar energy, which dominates the renewable energy sector, has taken a massive leap in India during the last 11 years from a mere 2.82 GW in 2014 to an impressive 105.65 GW as of March 31 this year, according to official figures.

India's wind energy capacity has more than doubled to 51GW presently from 21GW in 2014. Wind energy also witnessed sustained progress during 2024-25, with 4.15 GW of new capacity added, compared to 3.25 GW in FY 2023-24.

Bioenergy installations reached a total capacity of 11.58 GW, which includes 0.53 GW from off-grid and waste-to-energy projects.

Small hydro power projects have achieved a capacity of 5.10 GW, with a further 0.44 GW under implementation. These sectors continue to complement the solar and wind segments by contributing to the decentralised and diversified nature of India's energy landscape.

- IANS