The Solar Energy Corporation of India (SECI) has invited quotations for a short-term working capital credit facility of up to ₹10 billion (~$118.23 million) to help it make payments to renewable energy developers.

SECI seeks to raise a fund-based credit facility from the bank for one year with an added option to renew it for another year.

Facility tie-ups can be done with multiple banks, but the maximum facility will be up to ₹12 billion (~$141.88 million) with a minimum tie-up of ₹500 million (~$5.91 million). The facility may also be offered as a non-fund-based credit facility in the form of a bank guarantee/standby letter of credit as a secondary credit facility.

Banks will be selected for fund-based credit facilities on one-year rates. The drawal limits will be based on the rates provided by the bank chosen at the time of the actual drawal, subject to maximum spread. The existing fund-based limits will be curtailed, provided any limits are required for host-to-host payments.

Drawal must be facilitated as per requirements and for a minimum of seven days to a maximum of 30 days.

SECI has availed credit facilities from various banks amounting to ₹30.75 billion (~$363.57 million).

SECI has commissioned solar, wind, and hybrid projects up to 23 GW cumulative capacity as of September 30, 2024. SECI is making an average monthly payment to developers in the range of ₹13 billion (~$153.70 million) and is likely to increase as more projects are commissioned.

SECI paid solar and wind power producers ₹9.84 billion (~$117.9 million) for the energy purchased in February 2024, up 5% from January.

In 2023, 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.