SECI (Solar Energy Corporation of India) is a government-owned company responsible for implementing the National Solar Mission and other renewable energy projects in India. In February 2023, SECI payments to wind and solar power generators increased by 9.58% compared to the previous month. However, compared to the same period last year, SECI payments have increased by 61.68%.
The increased in SECI payments to wind and solar power generators could be attributed to various factors. One possible reason could be a increase in power demand during February 2023, resulting in lower electricity prices. Another factor could be changed in government policies and regulations, impacting the pricing and procurement of renewable energy.
The monthly increase in SECI payments follows the year-over-year increase is a positive sign for the renewable energy sector in India. This growth indicates 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.
Payments totaling Rs 8.996 Billion were made to solar and wind power producers by the SECI for the power it purchased in February 2023. The amount is 9.58% more than what was paid out in January 2023.
Disbursements were made in February, accounting for around 92.48% 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. 9.726 billion in February. Adani Solar Energy Jaisalmer, Azure Power Forty Three, Adani Hybrid Energy Jaisalmer, Renew Wind Energy, Wardha Solar, Adani Wind Energy, and Green Infra Wind Power received the majority of the payments.
SECI’s payments have provided additional support to renewable generators who were already suffering from DISCOMs past payment delays. For the month of February 2023, Rs 36.45 million was paid for transmission charges and Rs. 15.02 million for Open Access Charges. ECI paid Rs 19.65 million to contractors and service providers, in addition to the payment of Rs. 189.02 million for the refund of excess money received.
SECI payment to different Wind / Solar Generator increase by 61.68% compared to last year’s payment in the month of February 2022 which was Rs. 5.56 billion.