SECI Disbursements to Solar, Wind Generators Up 10% YoY in February 2024

The Solar Energy Corporation of India (SECI) paid solar and wind power producers ₹9.84 billion (~$117.9 million) for the energy purchased in February 2024. The payment reflected an increase of 5% from the January disbursements.

The disbursements increased by 10% on a year-over-year (YoY) basis.

Disbursements to solar and wind developers constituted 86.8% of the total payments. The major beneficiaries were SB Energy Three, SB Energy One, Adani Solar Energy Jaisalmer One, Adani Hybrid Energy Jaisalmer One, and Azure Power Forty Three.

The nodal agency disbursed a total of ₹11.34 billion (~$135.75 million) during the month.

The month-on-month increase in SECI payments is a promising development for India’s renewable energy sector. This growth suggests that the government’s endeavor to encourage the use of renewable energy are yielding results, with higher wind and solar capacity additions.

SECI paid ₹866.68 (~$10.4 million) to Tata Power Solar Systems for its own projects.

In all, ₹197.78 million (~$2.4 million) was disbursed to contractors and service providers.

During the month, SECI disbursed ₹157.87 (~$1.9 million) towards open access charges. JSW Renew Energy Two was the sole beneficiary.

The agency used ₹120.61 million (~$1.4 million) towards a deposit for a new commercial office building.

It reimbursed ₹106.1 million (~$1.3 million) to solar and wind power developers against goods and services tax safeguard duty and basic custom duty claims under the annuity method. The main beneficiaries were Azure Power Forty Three, Clean Solar (Bhadla), Sb Energy Four, Azure Power India, and SBG Cleantech Projecto Five.

During the month, SECI disbursed ₹34.04 million (~$407,667) towards transmission charges. The beneficiaries were Rajasthan Rajya Vidyut Prasaran Nigam, Madhya Pradesh Power Transmission Company, and Gujarat Energy Transmission Corporation.

It also spent ₹7 million (~$83,861) on corporate social responsibility programs.

SECI invited bids from scheduled commercial banks or financial institutions for a term loan of ₹10 billion (~$120.24 million) to develop a 300 MW solar power project in the Ramagiri village of Sri Satya Sai District in Andhra Pradesh.

Earlier, SECI invited quotations for a short-term working capital credit facility of up to ₹6 billion (~$72.3 million) to help it make monthly payments to solar, wind, and hybrid energy projects.

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