SECI Payments To Wind and Solar Power Generators Surge BY 18.91% YoY, Marking a 36.34% Monthly Decline In November 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 November 2023, SECI payments to wind and solar power generators decreased by 36.34% compared to the previous month. However, compared to the same period last year, SECI payments have increased by 18.91%.

The monthly decrease in SECI payments due to seasonal changes such as post-monsoon season might experience lower wind speeds in certain regions and potentially less sunlight, affecting the output from both wind and solar plants, follows the year-over-year increase in monthly payment 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 ₹9.072 Billion were made to solar and wind power producers by the SECI for the power it purchased in November 2023. The amount is 9.24% less than what was paid out in October 2023.

Disbursements were made in November, accounting for around 96.47% 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 ₹9.4 billion in November. Azure Power Forty-Three, Wardha Solar (Maharashtra), Adani Solar Energy Jaisalmer One, Adani Hybrid Energy Jaisalmer One, Adani Hybrid Energy Jaisalmer Three, Adani Hybrid Energy Jaisalmer Two, Clean Solar (Bhadla), Adani Wind Energy Mp One, EDEN Renewable Cite, Avaada Sustainable Rj Project, Renew Solar Urja, and Ayana Renewable Power One 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 November 2023, ₹35.525 million was paid for transmission charges and ₹1.625 million for Open Access Charges. SECI paid ₹36.71 million to contractors and service providers, in addition to ₹134.47642 million for Contractor payment for the Own Project. SECI payment to different Wind/Solar generators increased by 18.91% compared to last year’s payment in November 2022 which was ₹7.91 billion.