MNRE to infuse ₹1,000 crore in SECI for financing renewable energy (RE) capacity of 3,300 megawatt (MW)

The Ministry of New and Renewable Ministry (MNRE) on Saturday said it will infuse ₹1,000 crore in state-run Solar Energy Corporation of India (SECI) as it eyes financing renewable energy (RE) capacity of 3,300 megawatt (MW).

As per present RBI norms, an agency can extend loans on 20 percent of its net worth. With infusion of Rs 1000 crore in SECI its network will increase and hence it can extend more loans. With this additional capital infusion, the government aims at financing renewable energy (RE) capacity of 3,300 megawatt (MW).

In 2015 Government had allowed the change of name from “Solar Energy Corporation of India (SECI)” to “Renewable Energy Corporation of India (RECI)”.