SECI Payments To Wind and Solar Power Generators Surge BY 9.43% YoY, Marking a 4.81% Monthly Increase In February 2024

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 February 2024, SECI payments to wind and solar power generators increased by 4.81% compared to the previous month. However, compared to the same period last year, SECI payments have increased by 9.43%.

The upward trend in SECI payments on a monthly basis, influenced by seasonal variations like post-winter periods with heightened wind speeds and possibly moderate sunlight, signals increased output from wind and solar plants. This consistent year-over-year growth underscores the success of India’s renewable energy promotion efforts, as more wind and solar generators join the nation’s energy 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 ₹9.84 Billion were made to solar and wind power producers by the SECI for the power it purchased in February 2024. The amount is 4.81% more than what was paid out in January 2024.

Disbursements were made in February, accounting for around 86.828% 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 ₹11.336 billion in February.

Tata Power Solar Systems, SB Energy One, SB Energy Three, Wardha Solar (Maharashtra), Adani Solar Energy Jaisalmer One, Azure Power Forty Three, Adani Hybrid Energy Jaisalmer One, and Orange Sironj Wind 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 February 2024, ₹120.61 million of Deposit for New Commercial office Building was made, ₹866.67 Million for Contractor payment for Own Project, ₹34.044 million was paid for transmission charges and ₹157.86 million for Open Access Charges in the addition to SECI paid ₹197.77 million to contractors and service providers.

SECI payment to different Wind/Solar generators increased by 9.43% compared to last year’s payment in February 2023 which was ₹8.996 billion.