SECI Seeks Rs.10 Billion Credit Facility to Support Renewable Payments

04 Dec 2024 CW Team

The Solar Energy Corporation of India (SECI) has issued a call for quotations for a short-term working capital credit facility of up to Rs.10 billion (~$118.23 million) to ensure timely payments to renewable energy developers.

The credit facility, to be raised from banks for one year with an optional renewal for another year, aims to support SECI's growing payment obligations as it scales its renewable energy portfolio.

SECI plans to tie up the facility with multiple banks, with a maximum limit of Rs.12 billion ($141.88 million) and a minimum of Rs.500 million ($5.91 million). Options include both fund-based credit and non-fund-based facilities such as bank guarantees or standby letters of credit.

The corporation has commissioned over 23 GW of solar, wind, and hybrid projects as of September 2024 and makes average monthly payments of Rs.13 billion (~$153.70 million) to developers. With more projects coming online, payment volumes are expected to increase further.

In February 2024, SECI disbursed ?9.84 billion (~$117.9 million) to solar and wind power producers, a 5% rise from January, reflecting the sector's expansion.

This move follows SECI's similar effort in 2023 to secure a ?6 billion (~$72.3 million) facility for meeting monthly payment obligations to renewable energy projects.

By securing this credit facility, SECI continues to reinforce its role as a key enabler of India's renewable energy transition, ensuring consistent financial support for developers in the sector.

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