Following the tremendous success in organisation of auction in the solar and wind energy markets, the Solar Energy Corporation of India is now looking to foray into international markets.
Managing Director of SECI, Ashwini Kumar, recently told a media outlet that the entity is considering to enter other developing markets in Asia and Africa with an intention to increase renewable energy access. He also stated that governments of several countries have shown interest in this regard.
Solar Energy Corporation has successfully organised several large-scale solar power auctions which have resulted in a massive decline in solar power tariffs. Since 2010 the solar power tariffs have collapsed 73% in competitive auctions; large-scale capacities offered by SECI in recent years have contributed the most to this decline.
The Indian government registered SECI as a company and allowed it to generate revenues like any other government-owned entity. SECI generates revenue from regulatory fees as well as through trading margin in-built into the power purchase agreements of several solar and wind energy projects it auctions. SECI also organises auctions for several private and public sector companies which want to set up projects but lack the infrastructure or the credibility that comes with a government-backed entity like SECI.
SECI can also play a major role in helping developing markets in Asia and Africa to develop their own renewable energy programs and policies. It can share best practices with these emerging renewable energy markets which will ensure sustained and cost-efficient growth of clean energy.
SECI has played a major role in making the International Solar Alliance (ISA) a reality. The ISA, a brainchild of Indian Prime Minister Narendra Modi, is a treaty backed association of 121 countries looking to partner in a goal to reduce solar power costs and increase electricity access through solar power. The ISA signed an agreement with the World Bank to mobilise $1 trillion in solar power investments by 2030.