Solar Energy Corporation of India (SECI) was incorporated in Sept. 2011 as a company under Section 8 of the Companies Act, 2013. Government has granted approval for conversion of the existing Section 8 company into a Section 3 company under the Companies Act, 2013 (No.18 of 2013) and for renaming it as Renewable Energy Corporation of India as stated by Shri Piyush Goyal, Minister of State (IC) for Power, Coal & New and Renewable Energy .
The Minister stated that the organization has to take up commercial activities including trading of power in order to implement various Govt.’s Schemes and to become self- sustaining. The organization is also required to take up development of all segments of Renewable Energy viz. geo-thermal, off-shore wind, tidal, etc., apart from Solar Energy.
The Minister further stated that currently, the organization is engaged in implementation of a number of renewable energy projects and schemes including setting up of 2000 MW solar power projects under VGF scheme, 750 MW of solar power projects under VGF scheme, Solar Park Scheme, roof-top projects and projects in association with other Ministries/ organizations.