SECI Payments To Wind and Solar Power Generators Surge BY 84% YoY, Marking a 13.27% Monthly Increase In October 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 October 2023, SECI payments to wind and solar power generators increased by 13.27% compared to the previous month. However, compared to the same period last year, SECI payments have increased by 83.74%.

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 ₹9.995 Billion were made to solar and wind power producers by the SECI for the power it purchased in October 2023. The amount is 17.77% less than what was paid out in September 2023.

Disbursements were made in October, accounting for around 67.66% 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 ₹14.77 billion in October. Azure Power Forty-Three, Adani Solar Energy Jaisalmer One, Adani Hybrid Energy Jaisalmer One, Wardha Solar (Maharashtra), Sitac Kabini Renewables, Sprng Renewable Energy, Adani Hybrid Energy Jaisalmer Three, Adani Hybrid Energy Jaisalmer Two, Adani Wind Energy MP One, and Ostro Kannada Power 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 October 2023, ₹32.31 million was paid for transmission charges and ₹0.4 million for Open Access Charges. SECI paid ₹13.43 million to contractors and service providers, in addition to ₹1.396 billion for Subsidy Released under CPSU Scheme and ₹2.278 billion for Subsidy Released under Solar Park Scheme. SECI payment to different Wind/Solar generators increased by 83.74% compared to last year’s payment in the month of October 2022 which was ₹8.04 billion.