SECI Pays ₹7.91 Billion to Solar and Wind Developers in November
The nodal agency disbursed a total of ₹8.35 billion during the month
February 1, 2023
The Solar Energy Corporation of India (SECI) has released ₹7.91 billion (~$96.6 million) in payments to solar and wind power generators for the power purchased in November 2022. The disbursal accounted for nearly 94.6% of the total amount paid by the nodal agency during the month.
The amount is marginally lower than the payments made in October. The agency had released ₹8.04 billion (~$98.34 million) against power purchases.
The agency disbursed a total of ₹8.35 billion (~$102.13 million), including payments towards solar and wind power purchases, reimbursements to developers, and duties in November.
Azure Power Forty Three, Adani Hybrid Energy Jaisalmer, Wardha Solar (Maharashtra), Adani Hybrid Energy Jaisalmer Three, and Adani Hybrid Energy Jaisalmer Two were the main recipients of the payments in November.
The Ministry of Power stated that the state-owned power distribution companies (DISCOMs) cleared outstanding dues worth ₹246.8 billion (~$3.04 billion) in four installments.
The agency also released ₹184.17 million (~$2.3 million) as a subsidy under the viability gap funding program.
The nodal agency reimbursed ₹123.76 million (~$1.5 million) to solar power developers against goods and services tax and safeguard duty claims under the annuity method.
SECI returned ₹54.89 million (~$670,735) to Alfanar Energy for an overpayment.
If a developer accepts the claim outlined in the bill dispute notice, the bill will be updated in the next monthly statement. If the disputing party has overpaid, the excess amount and interest equal to the late payment surcharge will be refunded.
The agency disbursed ₹43.63 million (~$533,167) as payments to contractors and service providers.
It paid ₹28.14 million (~$343,840) towards transmission charges and released ₹14.73 million (~$180,015) as open access charges.
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.
SECI had requested proposals seeking quotations for a short-term working capital credit facility of up to ₹5 billion (~$61.16 million). The credit facility could be in the form of a standby letter of credit, letter of credit, or bank guarantee.
Arjun Joshi
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