SECI Pays ₹8.2 Billion to Solar and Wind Developers in January 2023
A total amount of ₹9.8 billion was disbursed during the month
March 20, 2023
The Solar Energy Corporation of India (SECI) has paid out a total of ₹8.2 billion (~$99.4 million) to solar and wind developers for the power purchased in January 2023. This amount represented approximately 83.5% of the total payments made by SECI during the month.
The agency released ₹7.3 billion (~$88.4 million) against power purchases in December, which was 12% lower than the payment made in January.
Further, the money released toward duties, payments, and reimbursements to solar and wind developers for amounted to approximately ₹9.8 billion (~$119 million) in January.
Clean Solar Power (Gulbarga), Azure Power Forty-Three, Adani Hybrid Energy Jaisalmer One, Adani Solar Energy Jaisalmer One, Renew Wind Energy (AP2), Adani Hybrid Energy Jaisalmer Two, Adani Hybrid Energy Jaisalmer Three were the main recipients of the payments in January.
The government agency also disbursed ₹27.1 million (~$328,325) to contractors and service providers and refunded ₹122.8 million (~$1.4 million) in excess money received.
SECI’s payments to wind and solar power generators in January 2023 included ₹35.27 million (~$427,090) for transmission charges and ₹196.19 million (~$2.4 million) for open access charges.
The company’s payment to different wind /solar generators increased by 51% compared to last year’s payment in January 2022 which was ₹5.4 billion (~$65.7 million).
Payment increases are a positive development for India’s renewable energy sector. With more wind and solar projects coming online and contributing to the country’s power mix, the sector is poised for further growth.
According to a recent statement by the Ministry of Power, state-owned power distribution companies (DISCOMs) were able to clear outstanding dues worth ₹246.8 billion (~$3.04 billion) in just four instalments.
SECI is likely to soon enter the market for delivering renewable energy solutions through open access to the commercial and industrial segment – an area that has been the exclusive domain of private developers thus far.
In March 2022, SECI issued a request for proposals seeking quotations for a short-term working capital credit facility of up to ₹5 billion (~$65.56 million).