SECI Releases ₹2.3 Billion Subsidy Under Solar Park Program in October 2023

The nodal agency disbursed a total of ₹14.8 billion during the month

December 13, 2023


The Solar Energy Corporation of India (SECI) paid solar and wind power producers ₹10 billion (~$119.9 million) for the energy purchased in October 2023. The payment reflected a decline of 23% from the September disbursements.

The disbursements increased by 24% on a year-over-year basis.

In October, disbursements to solar and wind developers constituted 67.7% of the total payments. The nodal agency disbursed a total of ₹14.8 billion (~$177.1 million) during the month.

SECI released ₹2.3 billion (~$27.3 million) towards subsidy under the Solar Park Program. Gujarat State Electricity Corporation, NTPC Renewable Energy, and Rajasthan Solar Park Development Company received subsidies under the program.

It also released ₹1.4 billion (~$16.7 million) towards subsidy under the Central Public Sector Undertaking Program, Phase II. NTPC was the sole beneficiary of the subsidy released under the program.

The nodal agency also refunded liquidated damage charges to the tune of ₹408.6 million (~$4.9 million) during the month.

The agency released ₹345.1 million (~$4.1 million) as a subsidy under the Viability Gap Funding Program.

SECI refunded ₹185.5 million (~$2.2 million) of excess money received.

The nodal agency reimbursed ₹114.6 million (~$1.4 million) to solar power developers against goods and services tax and safeguard duty claims under the annuity method.

Azure Power India, SB Energy Four, SBG Cleantech Projecto Five, Clean Solar (Bhadla), and Azure Power Forty-Three were among the recipients who received the highest reimbursements for GST and Safeguard Duty claims.

During the month, SECI disbursed ₹32.3 million (~$387,549) towards transmission charges.

In all, ₹13.4 million (~$161,051) was disbursed to contractors and service providers.

SECI also reimbursed ₹1.24 million (~$14,924) to solar power developers against basic custom duty under the annuity method.

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.

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.