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 May 2023, SECI payments to wind and solar power generators increased by 18.86% compared to the previous month. However, compared to the same period last year, SECI payments have increased by 52.96%.
The monthly increase 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 500 GW of renewable energy capacity by 2030, with 280 GW from solar and 140 GW from wind. 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 10.498 Billion were made to solar and wind power producers by the SECI for the power it purchased in May 2023. The amount is 18.86% more than what was paid out in April 2023.
Disbursements were made in May, accounting for around 97.36% 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. 10.783 billion in May. Azure Power Forty-Three, Tata Power Renewable Energy, Wardha Solar (Maharashtra), Adani Solar Energy Jaisalmer One, Adani Hybrid Energy Jaisalmer, SitacKabini Renewables, Clean Solar (Bhadla), and Renew Wind Energy (AP2) 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 May 2023, Rs 36.44 million was paid for transmission charges and Rs. 15.076 million for Open Access Charges. SECI paid Rs 33.145million to contractors and service providers, in addition to the payment of Rs. 29.40 million to MNRE for Unused Funds.
SECI payment to different Wind / Solar Generator increase by 52.96% compared to last year’s payment in the month of May 2022 which was Rs. 6.86 billion.