India Provides USD 455 Million to Incentivise Battery Storage Projects
The scheme is aimed to promote battery storage projects crucial to India’s aspirational plan to augment its renewable energy capacity to 500 GW by 2030 and minimise the cost of battery energy storage from the current INR 5.5-6.5 per unit.
June 08, 2023. By EI News Network
The scheme is aimed to promote battery storage projects crucial to India’s aspirational plan to augment its renewable energy capacity to 500 GW by 2030 and minimise the cost of battery energy storage from the current INR 5.5-6.5 per unit.
Battery storage is aiding to support regular renewable power supply to stabilise the grid, is a developing technology, and there are very few huge-scale operational projects in the world.
The scheme targets to build huge-scale battery energy storage systems to cut down costs through competitive tender.
The government will facilitate known to be viability gap funding – incentives to cover risks of generators of critical infrastructure projects that are or may turn out to be economically unviable – in the way of grants for three years.
It also anticipates private investments worth INR 56 billion through the scheme.
As per estimates by its power sector planning body, it needs 236 GWh of battery energy storage in addition to 27 GW pump storage projects by 2031-32.
please contact: contact@energetica-india.net.
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