SECI Releases ₹6.86 Billion for Solar and Wind Power Procured in May 2022

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The Solar Energy Corporation of India (SECI) disbursed ₹6.86 billion (~$87.9 million) to solar and wind power generators for the power purchased in May 2022. The disbursed amount accounted for 93% of the total amount paid by SECI for May 2022.

Wardha Solar (Maharashtra), Adani Wind Energy Kutchh Three, Alfanar Energy, Renew Wind Energy (AP2), and Green Infra Wind Power were the main beneficiaries of the payments during the month.

The agency disbursed a total of ₹7.35 billion (~$94.18 million), including solar and wind power purchases, reimbursements to developers, duties, and other remunerations.

In January, the agency disbursed ₹5.52 billion (~$70.72 million), and in February, ₹5.56 billion (~$71.23 million). Payments of ₹5.49 billion (~$70.33 million) and ₹6.69 billion (~$85.71 million) were made in March and April.

Under the annuity method, SECI reimbursed ₹116.52 million (~$1.49 million) to solar power developers for goods and service tax (GST) and safeguard duty claims in May.

The agency released ₹2.73 million (~$34,970) as subsidies under the rooftop solar program and ₹9.07 million (~$116,182) under the VGF (viable gap fund) program.

Aryav Green Energy, Hreyansh Solar Solutions, and Sunalpha Energy were recipients of the maximum amount under the rooftop program.

SECI released a total of ₹79.28 million (~$1.02 million) against payments made for open access charges. Adani Hybrid Energy Jaisalmer Three was the beneficiary of this amount.

It also released ₹38.2 million (~$489,318) for contractors and service providers and ₹33.4 million (~$0.43million) for transmission charges.

SECI refunded ₹202 million (~$2.59 million) against extension charges.

SECI payments relieve the financial distress the renewable power generators face because of the unpredictable payments made by the DISCOMs. The overdue amount owed by the DISCOMs at the end of May 2022 was ₹204.39 billion (~$2.62 billion), per the information released by the Ministry of Power (MoP).

In a recently issued notification, the MoP has allowed DISCOMs to clear their dues to power generators in 48 monthly instalments without paying any late payment surcharge. The step was taken to help DISCOMs improve their finances.