Renewable Energy Current Affairs - 2019
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Adani Group has inked a memorandum of understanding (MoU) with Tamil Nadu Government to set up 650 Mega Watt (MW) solar power plant in Ramanathapuram district.
The group will set up five solar power units at a cost of 4,536 crore rupees. Around 70 per cent of the investment will be through internal accruals, while the reaming investment will be from institutional investors and debt.
The construction process of project is expected to begin in July 2015 and it will be operational by February or March 2016.
The entire power produced from the project will be purchased by Tamil Nadu Generation and Distribution Corporation Ltd (Tangedco) at cost of 7.01rupees per unit for the next 25 years.
It should be noted that this plant will help state to meet its solar power target set it solar energy policy launched in 2012. Till date Tamil Nadu government has signed agreements with 32 private players for purchasing 1,084 MW.
Besides Tamil Nadu, Adani group is setting up solar plants different states across India including in Rajasthan (5,000 MW), Jharkhand (10,000 MW) and Gujarat (5,000 MW).
Union Cabinet has given nod to rename Solar Energy Corporation of India (SECI) as the Renewable Energy Corporation of India (RECI).
Apart from this decision, Union Cabinet also gave approval to SECI to convert into Section 3 Company by applying to the Registrar of Companies (ROC) from a Section 8 Company under the Companies Act, 2013.
This decision will help SECI or renamed entity RECI
- To be a self-sustaining and self-generating organisation.
- Engage in owning solar power plants for generating and selling power.
- Engage in various other segments of solar sector activities including manufacturing of solar products and materials.
This decision was taken after Union Government had decided to enlarge the scope of SECI to cover all renewable energy sources. It was decided in order to provide optimized and comprehensive solutions for generation of renewable energy and integrating various renewable energy sources.
About Solar Energy Corporation of India (SECI)
- SECI is a not-for-profit company under Section-25 of the Companies Act 1956.
- Established: 2011 as a facilitation and implementation institution dedicated to Solar Energy sector.
- Operates under: the aegis of Union Ministry of New and Renewable Energy,
- Objective: To develop Solar Technologies and ensuring inclusive solar power development throughout India.
- Functions: Facilitate implementation of Jawaharlal Nehru National Solar Mission (JNNSM) and achieve the targets set therein.