SECI Disburses ₹40.9 Million Rooftop Solar Subsidy in April 2023
A total of ₹9.4 billion was disbursed during the month
The Solar Energy Corporation of India (SECI) has disbursed ₹40.9 million (~$495,480) as subsidies under the rooftop solar program in April 2023, a 194% increase from ₹13.9 (~$168,023) in the previous month.
Sunsource Energy, Sukhbir Agro Energy, Genii Engineering & Services, Divvy Solar Power & Solutions, and Geopower India were the bigger beneficiaries of rooftop solar subsidies.
SECI disbursed ₹8.8 billion (~$107.1 million) to wind and solar energy generators for the electricity procured in April 2023. The disbursements accounted for approximately 93.4% of the ₹9.4 billion (~$114.6 million) allocated for the month.
Payments to power generators saw a 6% decline in April from the preceding month. On a year-over-year basis, the payments surged 31%.
Azure Power Forty Three, Adani Solar Energy Jaisalmer One, Adani Hybrid Energy Jaisalmer One, Adani Hybrid Energy Jaisalmer Two, and Adani Hybrid Energy Jaisalmer Three accounted for the largest portion of the disbursements.
SECI’s payments to wind and solar power generators included ₹35.9 million (~$435,656) for transmission charges and ₹15.9 million (~$192,460 million) for open access charges.
SECI also disbursed ₹160.6 million (~$1.9 million) to contractors and service providers and refunded ₹109.4 million (~$1.3 million) of excess money received.
The nodal agency reimbursed ₹129.8 million (~$1.6 million) to solar power developers against goods and services tax and safeguard duty claims under the annuity method.
The agency has also reimbursed ₹126.6 million (~$1.5 million) that was erroneously deducted as excess tax at source and subsequently deposited.
SECI 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.
SECI has awarded over 58 GW of renewable energy project capacities to date.
Ajay Yadav appointed SECI MD
Ajay Yadav, Joint Secretary in the Ministry of New & Renewable Energy, and a 2005 batch IAS officer of the Bihar cadre, has been given additional charge as the Managing Director of SECI.