The Solar Energy Corporation of India (SECI) has disbursed ₹10.5 billion (~$127.3 million) to wind and solar power generators for the electricity procured in May 2023. The disbursements accounted for approximately 97.4% of the ₹10.8 billion (~$130.8 million) allocated for the month.

Payments to power generators saw a 19% increase in May from the preceding month. On a year-over-year basis, the payments surged 53%.

The rise in SECI payments on both an annual and sequential basis to wind and solar power generators bodes well for India’s efforts to move away from a reliance on fossil fuels to a clean energy regime.

The payments disbursed by SECI during the month did not include subsidies under the rooftop solar program.

The nodal agency reimbursed ₹138.4 million (~$1.7 million) to solar power developers against goods and services tax (GST) and safeguard duty (SGD) claims under the annuity method.

Azure Power Forty-Three, SB Energy One, Clean Solar (Bhadla), SB Energy Four, and Azure Power India were the bigger GST and SGD reimbursements beneficiaries.

The payments to wind and solar power generators included ₹36.4 million (~$442,019) for transmission charges and ₹15.1 million (~$182,862) for open access charges.

The nodal agency also disbursed ₹33.1 million (~$402,005) to contractors and service providers and refunded ₹29.4 million (~$356,601) of unused funds to the Ministry of New and Renewable Energy.

SECI released ₹29.4 million (~$357,186) as a subsidy under the viability gap funding (VGF) program. Talettutayi Solar Projects Four and Azure Power Mars were the beneficiaries of the VGF subsidy.

The Agency refunded deposited funds amounting to ₹1.65 million (~$20,000). It also paid ₹936,576 (~$11,359) as State Load Despatch Center charges.

SECI 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.

According to a statement by the Ministry of Power, state-owned power distribution companies were able to clear outstanding dues worth ₹246.8 billion (~$3.04 billion) in just four installments.