The Solar Energy Corporation of India (SECI) has disbursed a sum of ₹8.9 billion (~$109.5 million) to wind and solar energy developers for the electricity procured in February 2023.

The disbursements made in February accounted for approximately 92.5% of the agency’s total payments for the month.

Payments to wind and solar power generators saw a 9.58% rise in February 2023 from the preceding month.

SECI’s payments to various wind and solar power generators in February 2023 increased by 61.7% year-on-year (YoY).

Following a year-on-year rise, the month-on-month increase in SECI payments is a promising development for India’s renewable energy sector.

This growth suggests that the government’s endeavors to encourage the use of renewable energy are yielding results, with a higher activity from wind and solar projects adding to the country’s power generation mix.

The payments included duties, payments, and reimbursements to developers for procuring wind and solar energy, amounting to ₹9.7 billion (~$118 million).

Adani Solar Energy Jaisalmer, Azure Power Forty Three, Adani Hybrid Energy Jaisalmer, Renew Wind Energy, Wardha Solar, Adani Wind Energy, and Green Infra Wind Power received the largest portion of these disbursements.

In February 2023, SECI paid ₹36.5million (~$443,790) for transmission charges and ₹15. million (~$182,873) for open access charges.

The agency also disbursed ₹19.65 million (~$239,260) to contractors and service providers and refunded ₹189.02 million (~$2.3 million) of excess money received.

India has set an ambitious target of achieving 500 GW of renewable energy capacity by 2030, including 280 GW of solar capacity.

The rise in SECI payments to wind and solar power generators is a positive step toward meeting this objective and decreasing the country’s dependence on fossil fuels.

In March 2022, SECI issued a request for proposals seeking quotations for a short-term working capital credit facility of up to ₹5 billion (~$65.56 million).