SECI Disbursements to Solar, Wind Generators See 19.6% YoY Rise
The nodal agency disbursed a total of ₹14.38 billion during the month
The Solar Energy Corporation of India (SECI) paid solar and wind power producers ₹11.45 billion (~$138 million) for the energy purchased in July 2023. The payment reflected a slight 0.23% decrease from the June disbursements.
The payments, when compared to the corresponding period in the previous year, surged by 19.6% from ₹9.57 billion (~$115.5 million).
In July, disbursements to solar and wind developers constituted approximately 79.61% of the total payments made by the nodal agency.
Specifically, the agency disbursed ₹14.38 billion (~$173.5 million) in duties, payments, and developer reimbursements for the procurement of solar and wind energy during the month.
Gujarat Industries Power Company, Tata Power Solar Systems, Adani Solar Energy Jaisalmer One, Adani Wind Energy MP One, Azure Power Forty-Three, Wardha Solar (Maharashtra), Adani Hybrid Energy Jaisalmer One, Sitac Kabini Renewables, and Sprng Renewable Energy received the majority of the payments.
SECI disbursed ₹1.28 billion ($15.4 million) under the Viability Gap Funding (VGF) program, and another ₹220 million ($2.6 million) was released as subsidies under the Solar Park program.
During the month, SECI disbursed ₹38.2 million (~$461,027) towards transmission charges and ₹22.7 million (~$273,961) towards open access charges.
It made payments of ₹1.2 billion (~$14.4 million) to contractors and service providers, along with an additional ₹660,000 (~$7,965.6) for filing fees.
India’s goal is to achieve 500 GW of renewable energy capacity by 2030, with a significant share coming from solar and wind sources. The annual increase in SECI payments to these sectors can be seen as a step toward reaching this target.
Recently, SECI invited quotations for a short-term working capital credit facility of up to ₹6 billion (~$72.3 million) to help it make monthly payments to solar, wind, and hybrid energy projects. The credit facility can be a cash credit, overdraft, or working capital demand loan. The non-fund-based credit facility will be for one year, with an option to renew it for a year more. Multiple banks may do facility tie-ups; however, the total facility will only be up to ₹6 billion (~$72.3 million).
Earlier, SECI had earned over ₹100 billion (~$1.22 billion) in revenues from trading renewable power in the financial year 2022-23, the highest ever since its inception.