SECI Payments To Wind and Solar Power Generators Surge BY 19.6% YoY but Declined By 0.23% Monthly In July 2023   

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 July 2023, SECI payments to wind and solar power generators decreased by 0.23% compared to the previous month. However, compared to the same period last year, SECI payments have increased by 19.6%.

The monthly decrease in SECI payments due to the Monsoon season across the country followed by 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 year-over-year is a step in the right direction toward achieving this goal and reducing the country’s reliance on fossil fuels.

Payments totaling ₹11.45 Billion were made to solar and wind power producers by the SECI for the power it purchased in July 2023. The amount is 0.23% less than what was paid out in June 2023.

Disbursements were made in July, accounting for around 79.61% 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 ₹14.38 billion in July. Gujarat Industries Power Company, Tata Power Solar Systems, Adani Solar Energy Jaisalmer One, Adani Wind Energy MP One, Azure Power Forty-Three, Wardha Solar (Maharashtra), Adani Hybrid Energy Jaisalmer One, Sitac Kabini Renewables, and Sprng Renewable Energy received the majority of the payments.

SECI’s payments have provided additional support to renewable generators who were already suffering from DISCOM’s past payment delays. For July 2023, ₹38.268 million was paid for transmission charges and ₹22.736 million for Open Access Charges. SECI paid ₹1.205 billion to contractors and service providers, in addition to the payment of ₹0.66 million for filling fees.

SECI payment to different Wind/Solar generators increased by 19.6% compared to last year’s payment in the month of July 2022 which was ₹9.57 billion.