SECI (Solar Energy Corporation of India) is a government-owned company responsible for implementing the National Solar Mission and other renewable energy projects in India. In January 2024, SECI payments to wind and solar power generators increased by 10.62% compared to the previous month. However, compared to the same period last year, SECI payments have increased by 14.41%.
The upward trend in SECI payments on a monthly basis, influenced by seasonal variations like post-monsoon periods with heightened wind speeds and possibly moderate sunlight, signals increased output from wind and solar plants. This consistent year-over-year growth underscores the success of India’s renewable energy promotion efforts, as more wind and solar generators join the nation’s energy mix.
India had set a target of achieving around 500 GW of renewable energy capacity by 2030, with 280 GW from solar and 140 GW from wind. The increase in SECI payments to wind and solar power generators year-over-year is a step in the right direction toward achieving this goal and reducing the country’s reliance on fossil fuels.
Payments totaling ₹9.39 Billion were made to solar and wind power producers by the SECI for the power it purchased in January 2024. The amount is 10.62% more than what was paid out in December 2023.
Disbursements were made in January, accounting for around 73.63% of the nodal agency’s total payments for the month.
The agency paid out duties, payments, and developer reimbursements for the procurement of solar and wind energy totaling ₹12.75 billion in January.
Gujarat Industries Power Company, Tata Power Solar Systems, Gujarat State Electricity Corporation, Wardha Solar (Maharashtra), Adani Solar Energy Jaisalmer One, Azure Power Forty-Three, TUSCO Ltd., CLEAN SOLAR POWER (GULBARGA), Adani Wind Energy MP One, Renew Wind Energy (AP2), Adani Hybrid Energy Jaisalmer Two, and JSW Renew Energy Two received the majority of the payments.
SECI’s payments have provided additional support to renewable generators who were already suffering from DISCOM’s past payment delays. For January 2024, ₹1.736 billion of CFA was Released for Solar Park Scheme, ₹1.0589 Billion for Contractor payment for Own Project, ₹34.085 million was paid for transmission charges and ₹0.403 million for Open Access Charges in the addition to SECI paid ₹60.428 million to contractors and service providers.
SECI payment to different Wind/Solar generators increased by 14.41% compared to last year’s payment in January 2023 which was ₹8.21 billion.
