Centre sacks Rameshwar Prasad Gupta as chairman and managing direction of Solar Energy Corporation | Company Business News

New Delhi: The union government has terminated the services of Rameshwar Prasad Gupta, chairman & managing director (CMD) of the Solar Energy Corporation of India (SECI). His term was scheduled to end next month.

In a strongly worded notification on Saturday, the department of personnel and training said, “The Appointments Committee of the Cabinet has approved termination of services of Shri Rameshwar Prasad Gupta, IAS, as chairman & managing director, Solar Energy Corporation of India Ltd., Ministry of New & Renewable Energy with immediate effect.”

The notification did not cite any reason for the termination. Gupta declined to comment on the development during a phone call from Mint.

A 1987 batch officer of Gujarat cadre, Gupta had retired as secretary at the environment, forest and climate change ministry in 2021 and joined SECI in June 2023. A graduate in aerospace engineering from IIT Kanpur, he also worked with Niti Aayog and the ministry of coal. He also has experience in corporate management, economics, statistics planning and programme implementation.

The development is significant as SECI has been tasked with tendering 20 GW of renewable energy projects a year for the next few years. The company also has plans to set up 10 GW of solar capacity of its own and go public by FY27.

Controversies

Of late, the state-run company has found itself in a few controversies, including its mention in the US Securities and Exchange Commission’s (SEC’s) indictment of Adani Group for alleged bribery of about $250 million to secure power purchase agreements for solar energy projects in Andhra Pradesh, and the submission of fake bid documents by Reliance Power to SECI for a renewable energy tender.

Last November US prosecutors indicted Gautam Adani and other executives for alleged bribery. Speaking to Mint in November, Gupta said that SECI would not review the order or initiate a probe as there was no basis for it. He denied any wrongdoing.

On 6 November, SECI barred Reliance Power and its subsidiary Reliance NU BESS from participating in tenders floated by the state-run entity for three years for allegedly submitting fake documents. However, it later withdrew its order following the Delhi High Court’s stay on the company’s debarment. Earlier this month, Reliance Power Ltd’s subsidiary Reliance NU Suntech Private Ltd signed a 25-year power purchase agreement (PPA) with SECI.

Incorporated in 2011, SECI serves as an implementing agency for the development of solar, wind and hybrid projects to fulfil the country’s Nationally Determined Contributions (NDCs). To achieve this, SECI releases tenders for selection of renewable energy developers for the establishment of projects on a pan-India or state-specific basis.

Addressing the media on the 11th foundation day of SECI in 2022, Gupta had said that company planned to go public in one or two years. He also said it planned to install cumulative renewable energy capacity of 10 GW by 2030. It currently owns and operates around 123.7 MW.