SECI Pays ₹7.3 Billion to Solar and Wind Developers in December 2022
The nodal agency disbursed a total of ₹7.7 billion during the month
The Solar Energy Corporation of India (SECI) has released ₹7.3 billion (~$88.6 million) in payments to solar and wind developers for the power purchased in December 2022. The disbursal accounted for nearly 95.8% of the total amount paid by the nodal agency during the month.
The agency had released ₹7.9 billion (~$96.6 million) against power purchases in November, which is 8% higher than the payment made for December.
The agency released duties, payments, and developer reimbursements to procure solar and wind energy totaling ₹7.7 billion (~$92.5 million) in December.
SB Energy One, Azure Power Forty Three, Wardha Solar (Maharashtra), Adani Hybrid Energy, JBM Solar Energy, EDEN Renewable Cite, Renew Solar Urja, and Clean Solar (Bhadla) were the main recipients of the payments in December.
In a recent statement, the Ministry of Power stated that the state-owned power distribution companies cleared outstanding dues worth ₹246.8 billion (~$3.04 billion) in just four installments.
For the month of December last year, ₹60.4 million (~$728,839) was paid for transmission charges, and ₹4.4 million (~$53,249) for open access charges.
SECI made another payment worth ₹25.4 million (~$306,806) to contractors and service providers, in addition to the payment of ₹50.7 million (~$612,057) for the refund of excess money received.
SECI payment to different wind /solar generators increased by 49% compared to last year’s payment in December 2021 which was ₹4.9 billion (~$59 million).
SECI will 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). The credit facility could be in the form of a standby letter of credit, letter of credit, or bank guarantee.