Solar Energy Corporation of India (SECI) has increased payments to wind and solar power generators in January 2023, according to recent reports. The government-owned company responsible for implementing the National Solar Mission and other renewable energy projects in India has increased payments to renewable energy producers by 11.8% compared to the previous month. Additionally, SECI payments have increased by 51.2% compared to the same period last year. The increase in payments to wind and solar power generators could be attributed to various factors, such as increased power demand during January 2023, resulting in lower electricity prices.
Payments totaling Rs 8.21 Billion were made to solar and wind power producers for the power purchased by SECI in January 2023, which is 11.827% more than what was paid out in December 2022. Disbursements were made in January, accounting for around 83.5% 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. 9.83 billion in January. The majority of the payments went to Azure Power Forty Three, Wardha Solar (Maharashtra), Adani Hybrid Energy, Adani Solar Energy, Renew Wind Energy (AP2), Adani Wind Energy MP One, Renew Power, and EDEN Renewable Cite.
SECI’s payments have provided additional support to renewable generators who were already suffering from DISCOMs past payment delays. SECI even paid Rs 27.11 million to contractors and service providers, in addition to the payment of Rs. 122.86 million for the refund of excess money received.
For the month of January 2023, Rs 35.27 million was paid for transmission charges, and Rs. 196.19 million was paid for Open Access Charges. The increase in SECI payments to wind and solar power generators is a positive sign for the renewable energy sector in India, indicating that the government’s efforts to promote renewable energy are paying off, with more wind and solar power generators coming online and contributing to the country’s power mix.
India had set a target of achieving 500 GW of renewable energy capacity by 2030, with 280 GW from solar. The increase in SECI payments to wind and solar power generators is a step in the right direction toward achieving this goal and reducing the country’s reliance on fossil fuels.