SECI Announces Financial Results for FY24, Highlights Major Achievements in RE

The Solar Energy Corporation of India Limited (SECI), a renewable energy-focused CPSU under the administrative control of the Ministry of New and Renewable Energy (MNRE), has declared its financial results for the fiscal year 2024 (FY24), showcasing substantial growth and impressive achievements.

In FY24, SECI issued 8,440 MW of RE tenders encompassing solar, wind, and hybrid power, increasing the cumulative awarded capacity to an impressive 65,317 MW. 

The annual trading volume also saw a notable increase of 22.13 percent compared to the previous year, with 42,935 million units of electricity traded. On a standalone basis, SECI's total income for the year stood at INR 13,135.80 crore, up by 20.91 percent from INR 10,864.43 crore in the previous year.

SECI’s Profit After Tax (PAT) witnessed an extraordinary growth of 38.14 percent, reaching INR 436.03 crore in FY24, compared to INR 315.65 crore in the previous year. On a consolidated basis, the group’s PAT for FY24 was INR 510.92 crore, reflecting a 34.89 percent increase from the previous year’s INR 378.77 crore. The company’s net worth also saw an 18.32 percent rise, standing at  INR 2,811.76 crore, up from  INR 2,376.31 crore the previous year.

This robust performance aligns with the ambitious targets set in April last year, where Renewable Energy Implementing Agencies (REIAs) were tasked with issuing at least 50 GW of renewable energy projects for FY24, including 10 GW of pure wind energy. SECI is one of the four REIAs which collectively issued 53.32 GW of renewable energy tenders, surpassing the target by 6.6 percent.

Among SECI’s notable projects is one of India’s largest Battery Energy Storage Systems (BESS), a 40 MW / 120 MWh project coupled with a solar photovoltaic (PV) plant in Rajnandgaon, Chhattisgarh. This plant boasts an installed capacity of 152.325 MWh and a dispatchable capacity of 100 MW AC (155.02 MW peak DC), showcasing SECI’s commitment to integrating advanced storage solutions with renewable energy.

Looking ahead, SECI continues its bullish approach towards renewable projects in FY25. Recently, the company issued a Request for Selection (RfS) to identify developers for 2,000 MW ISTS-connected Solar PV Power Projects, coupled with a 1,000 MW / 4,000 MWh Energy Storage System (ESS).