The Solar Energy Corporation of India (SECI) paid ₹6.13 billion (~$81.8 million) to solar and wind developers for the power purchased in September 2021. The disbursed amount accounted for 97% of the total amount paid by the agency in September 2021.
In September, the total disbursement was ₹8.51 billion (~$113.5 million), which accounted for solar and wind power purchases, developers’ reimbursements, duties, and other reimbursements.
Wardha Solar (Maharashtra), Adani Wind Energy Kutchh Three, SB Energy One, Clean Solar (Bhadla), SB Energy Four, and Green Infra Wind Energy were the primary beneficiaries of the payments.
The amount disbursed by SECI is a welcome relief to developers, who are reeling under the financial burden of unpaid bills by the state distribution companies (DISCOMs). The DISCOMs owed ₹154.83 billion (~$2.09 billion) to renewable energy generators (excluding disputed amounts) in overdue payments at the end of September 2021. The figure reported for September was 6% higher than ₹146.07 (~$1.97 billion) at the end of August.
In September, the nodal agency released ₹1.67 billion (~$22.2 million) under the solar park program. Power Grid Corporation of India and Rajasthan Solar Park Development Company were the main recipients.
Under the annuity method, SECI reimbursed ₹99.97 million (~$1.3 million) to solar power developers against Goods and Services Tax (GST) and Safeguard Duty claims.
The agency also released ₹84.97 million (~$1.1 million) as a subsidy under the rooftop program and ₹30.11 million (~$401,014) towards payments for transmission charges.
Mundra Solar, ZIVAH International, Madhav Infra Projects, and Centaurus Green Energy availed the maximum amounts under the rooftop solar program.
SECI also disbursed ₹31.33 million (~$417,262) in central financial assistance (CFA) for the rooftop program. It released ₹33.77 million (~$449,759) to contractors and service providers.
The agency had disbursed ₹6.52 billion (~$86.7 million) to solar and wind developers for the power it had purchased in August 2021.
Earlier this year, the Central Electricity Regulatory Commission reiterated SECI’s proposal for a 10.41% discount rate on annuity payments towards the additional expenses incurred by solar power developers on account of ‘Change in Law’ events. The Commission directed solar power developers to pay all statutory taxes, duties, levies, and cess on monthly annuity payments as per the terms of power purchase agreements.