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 September 2023, SECI payments to wind and solar power generators increased by 7.28% compared to the previous month. However, compared to the same period last year, SECI payments have increased by 46.08%.
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 ₹13.04 Billion were made to solar and wind power producers by the SECI for the power it purchased in September 2023. The amount is 7.28% more than what was paid out in August 2023.
Disbursements were made in September, accounting for around 85.44% 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 ₹15.26 billion in September. NTPC, Sitac Kabini Renewables, SB Energy Three, Adani Solar Energy Jaisalmer One, Azure Power Forty-Three, Adani Wind Energy Mp One, Alfanar Energy, Green Infra Wind Power, Renew Wind Energy (AP2), Adani Hybrid Energy Jaisalmer One, Adani Wind Energy Kutchh Three, and Wardha Solar (Maharashtra) 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 September 2023, ₹45.37 million was paid for transmission charges and ₹12.28 million for Open Access Charges. SECI paid ₹23.74 million to contractors and service providers, in addition to the payment of ₹120 million for Refund of Success Fees to Bidder.
SECI payment to different Wind/Solar generators increased by 46.08% compared to last year’s payment in the month of September 2022 which was ₹8.93 billion.