SECI Pays ₹6.6 Billion Towards Solar and Wind Power Purchased in July

The Solar Energy Corporation of India (SECI) paid ₹6.6 billion (~$89.3 million) to solar and wind developers for the power it purchased in July 2021, according to data released by the nodal agency. The disbursement accounted for 94.5% of the total amount disbursed by the agency in July 2021.

The total disbursement for the month was ₹6.99 billion (~$94.5 million) towards the purchase of solar and wind power, subsidies, reimbursement to developers, and duties and tax reimbursement, among other expenses.

ReNew Power, SB Energy, Green Infra Wind Energy, Azure, Clean Solar, and Wardha Solar were among the main recipients of the payments in July 2021.

The payments come as a relief to renewable energy developers who have mounting unpaid bills by the state distribution companies (DISCOMs). At the end of June 2021, DISCOMs owed ₹121.91 billion (~$1.63 billion) to renewable energy generators (excluding dispute amounts) in overdue payments across 256 pending invoices.

SECI released ₹42.97 million (~$578,817) in subsidies under the rooftop solar program. An amount of ₹31.16 million (~$419,790) was refunded against central financial assistance to the Ministry of New and Renewable Energy (MNRE) for the rooftop solar program.

The main beneficiaries under the rooftop solar program were Oakridge Energy, Photon Energy, Rhibhu Rooftop Solar Solution, Ravindra Energy, and Innovative Roof Solar Solution.

The agency reimbursed ₹98.51 million (~$1.3 million) to solar power developers for safeguard duty and Goods and Services Tax (GST) claims under the annuity method.

The agency also paid ₹167.35 million (~$2.3 million) under the viability gap funding program in July 2021.

SECI paid ₹5.78 million (~$77,879) to contractors and service providers. An amount of ₹32.97 million (~$444,204) was compensated against transmission charges.

The agency paid around ₹6.61 billion (~$89 million) to solar and wind developers for the power it purchased in June this year.

Earlier this month, 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.