The Solar Energy Corporation of India (SECI) disbursed ₹11.48 billion (~$138.3 million) to wind and solar developers for the electricity procured in the month of June 2023. The payments marked an increase of 9.3% from ₹10.5 billion (~$126.43 million) disbursed in May.

The disbursements increased by 25.7% on a year-over-year basis.

The disbursements accounted for nearly 93% of the total amount released by the nodal agency in June.

Adani Solar Energy Jaisalmer One, Adani Hybrid Energy Jaisalmer One, Sitac Kabini Renewables, and Azure Power Forty-Three were the main beneficiaries of the payments in June.

The total disbursement in June was ₹12.35 billion (~$148,709).

The amount released in June did not include subsidies under the rooftop solar program.

SECI released ₹270 million (~$3.25 million) as a subsidy under the Central Public Sector Undertaking (CPSU) Program, Phase II.

It disbursed ₹116.78 million (~$1.41 million) to solar power developers against goods and services tax (GST) and safeguard duty claims under the annuity method.

The most significant beneficiaries of GST and safeguard duty reimbursements were SB Energy One, Clean Solar Bhadla, SB Energy Four, and Azure Power.

An amount of ₹417.32 million (~$5.03 million) was released to contractors and service providers.

It paid an additional ₹20.39 million (~$245,520) as open access charges.

In June, SECI released ₹36.91 million (~$444,441) as payment for transmission charges.

Recently, 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. The credit facility can be a cash credit, overdraft, or working capital demand loan. The non-fund-based credit facility will be for one year, with an option to renew it for a year more. Facility tie-ups may be done with multiple banks; however, the total facility will only be up to ₹6 billion (~$72.3 million).

Earlier, SECI had earned over ₹100 billion (~$1.22 billion) in revenues from trading renewable power in the financial year 2022-23, the highest ever since its inception.