SECI Pays Solar & Wind Developers Rs. 8.04 B In October 10% Less Than September

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The Solar Energy Corporation of India (SECI) paid the solar and wind power providers a total of Rs 8.04 billion for the electricity it bought in October 2022. In comparison to Rs. 8.93 billion distributed in September for power purchases, the amount is about 10% less.

Disbursements were made in October, accounting for around 88% of the nodal agency’s total payments for the month. 

The agency paid out duties, payments, and developer reimbursements for the procurement of solar and wind energy totaling Rs. 9.15 billion in October. Azure Power Forty-Three, Sprng Renewable Energy, Eden Renewables, Ayana Renewable Power One, and Adani Hybrid Energy Jaisalmer One received the majority of the payments.

In addition, the agency funded the viability gap financial assistance program with Rs. 752.22 million in subsidies.

SECI also compensated the Ministry of New and Renewable Energy for the central financial assistance (CFA) with Rs. 10.08 million. 

According to a recent announcement from the Ministry of Power, the state-owned power distribution companies (DISCOMs) paid down previous dues of Rs. 246.80 billion in just four installments. Furthermore, the DISCOMs have also settled about Rs 1.68 trillion of their outstanding obligations over the past five months.

Considering this, SECI’s payments to solar and wind developers have given renewable generators—who have already been suffering from DISCOMs’ past payment delays—added support. 

As of November 2022, Rs 1.13 trillion was owed to suppliers, including transmission companies, producing businesses, and dealers, which is a 17% decrease from June. 

The nodal agency compensated solar power companies Rs 114.45 million for goods and services tax (GST) and safeguard duty claims, under the annuity scheme. It additionally paid Rs 18.28 million in open access fees and distributed Rs 67.69 million as a subsidy repayment under the rooftop solar scheme.

SECI even paid Rs 61.75 million to contractors and service providers, in addition to the payment of Rs. 11.71 million for transmission fees.