SECI Payouts to Solar and Wind Developers Spike to ₹9 Billion in June 2022

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The Solar Energy Corporation of India (SECI) disbursed ₹9.13 billion (~$114.78 million) to solar and wind power generators for the power purchased in June 2022. The disbursed amount accounted for nearly 97.5% of the total paid by the nodal agency during the month.

The agency disbursed a total of ₹9.36 billion (~$117.7 million), including solar and wind power purchases, reimbursements to developers, duties, and other remunerations. In May 2022, SECI had disbursed  ₹6.86 billion (~$87.9 million) to solar and wind power developers for the green energy procured. The disbursed amount accounted for 93% of the overall amount paid by the nodal agency for the month.

Alfanar Energy, Renew Wind Energy (AP2), Azure Power Forty-Three, Green Infra Wind Power, and Green Infra Wind Energy were the primary recipients of the payments in June.

With the Ministry of Power allowing the DISCOMs more time to clear their payments to developers without any penalties, the regular SECI payments are a relief to the renewable energy generators.

DISCOMs owed renewable generators ₹200.37 billion (~$2.55 billion) in overdue payments (excluding disputed amounts) at the end of June, according to the data released by the Ministry of Power.

Under the annuity method, SECI reimbursed ₹116.56 million (~$1.46 million) to solar power developers against Goods and Services Tax (GST) and Safeguard Duty claims. The agency paid ₹5.54 million (~$69,631) as open access charges.

The nodal agency released ₹15.48 million (~$194,585) as a subsidy under the rooftop program and ₹50.63 million (~$636,445) towards transmission charges.

Sukhbir Agro Energy availed of the maximum amounts under the rooftop solar program.

The agency released ₹34.68 million (~$435,968) as payments to contractors and service providers. SECI also paid corporate social responsibility (CSR) expenses to the tune of ₹8.86 million (~$111,363).

In March this year, SECI issued a request for proposals seeking quotations for a short-term working capital credit facility of up to ₹5 billion (~$62.54 million). The credit facility could be in the form of a standby letter of credit, letter of credit, or bank guarantee.