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 August 2023, SECI payments to wind and solar power generators increased by 6.17% compared to the previous month. However, compared to the same period last year, SECI payments have increased by 49.52%.
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 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 ₹12.16 Billion were made to solar and wind power producers by the SECI for the power it purchased in August 2023. The amount is 6.17% more than what was paid out in July 2023.
Disbursements were made in August, accounting for around 94.1% 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 ₹12.918 billion in August. Tata Power Solar Systems, Clean Sustainable Energy, Sprng Renewable Energy, Adani Solar Energy Jaisalmer One, Azure Power Forty-Three, SB Energy One, Ostro Kannada Power, Adani Hybrid Energy Jaisalmer One, Sitac Kabini Renewables, and Vivid Solaire 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 August 2023, ₹52.788 million was paid for transmission charges and ₹13.1 million for Open Access Charges. SECI paid ₹582.3 million to contractors and service providers, in addition to the payment of ₹1.685 million for tender fees.
SECI payment to different Wind/Solar generators increased by 49.52% compared to last year’s payment in the month of August 2022 which was ₹8.13 billion.