The Solar Energy Corporation of India Limited (SECI) has invited quotations for a short-term working capital credit facility of up to Rs 10 billion to assist in making payments to renewable energy developers. SECI is seeking to raise a fund-based credit facility from the bank for a period of one year, with an additional option to renew the facility for another year.
Facility tie-ups can be arranged with multiple banks; however, the maximum facility amount will be up to Rs 12 billion, with a minimum tie-up of Rs 500 million. Moreover, the facility may also be provided as a non-fund-based credit facility in the form of a bank guarantee or standby letter of credit, which would act as a secondary credit facility.
Banks will be selected based on one-year rates for fund-based credit facilities. The drawal limits will be determined by the rates provided by the chosen bank at the time of actual drawal, subject to the maximum spread. Existing fund-based limits will be curtailed if any limits are needed for host-to-host payments. Drawal must be facilitated according to requirements, for a minimum of seven days and a maximum of 30 days.
In November 2024, SECI issued a tender for the supply of 400 MW of Domestic Content Requirement (DCR)-compliant solar modules for a project in Ramagiri, Andhra Pradesh.
In September 2024, SECI was elevated to ‘Navratna’ status by the Ministry of Finance, granting it enhanced financial and operational autonomy.
