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 April 2023, SECI payments to wind and solar power generators decline by 6.486% compared to the previous month. However, compared to the same period last year, SECI payments have increased by 31.92%.
The monthly decrease in SECI payments follows the year-over-year increase is a positive sign for the renewable energy sector in India. This yearly 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 around 596 GW of renewable energy capacity by 2031-32, with 364 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 8.83 Billion were made to solar and wind power producers by the SECI for the power it purchased in April 2023. The amount is 6.486% less than what was paid out in March 2023. Disbursements were made in April, accounting for around 93.44% 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. 9.452 billion in March. Wardha Solar (Maharashtra), Azure Power Forty Three, Adani Energy Jaisalmer, EDEN Renewable Cite, Renew Solar Urja, Avaada Sustainable RJ Project, 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 April 2023, Rs 35.92 million was paid for transmission charges and Rs. 15.87 million for Open Access Charges. SECI paid Rs 1.2 billion to contractors and service providers, in addition to the payment of Rs. 160.56 million for the refund of excess money received.
SECI payment to different Wind / Solar Generator increase by 31.92% compared to last year’s payment in the month of April 2022 which was Rs. 6.7 billion.