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India offers $452 mn incentives for Green Battery Storage Boost
Industry News- Sep 08,23
Information Minister Anurag Thakur revealed that this program will actively support the development of a storage capacity of 4,000 megawatt hours (MWh) by the year 2030-31.
A senior government official announced that India is poised to offer substantial incentives totaling $452 million to entice companies into establishing battery storage projects. This strategic move is aimed at bolstering the nation's green energy capacity. Battery storage projects play a pivotal role in India's ambitious objective to expand its renewable energy capacity from the current 178 gigawatts (GW) to an impressive 500 GW by 2030. These projects facilitate the storage of energy generated from sources such as solar and wind, ensuring it can be efficiently released when needed most.
Information Minister Anurag Thakur revealed that this program will actively support the development of a storage capacity of 4,000 megawatt hours (MWh) by the year 2030-31. Several prominent Indian conglomerates, including Reliance Industries, Adani Power, and JSW Energy, have already set their sights on establishing large-scale battery plants.
Under this initiative, the government will extend "viability gap funding" in the form of grants to mitigate risks for developers engaged in critical infrastructure projects. This funding is designed to support projects that may be economically unviable initially or over time. An important milestone for this program was its approval by the federal cabinet, as announced by Minister Thakur. Furthermore, businesses embarking on the creation of manufacturing units can expect to receive incentives covering up to 40% of their capital costs.
It is noteworthy that Finance Minister Nirmala Sitharaman initially introduced this proposal in her budget speech on February 1. Presently, India possesses a battery storage capacity of 37 MWh, underscoring the significant growth potential in this sector.
Source: Reuters
Battery Storage Projects
Green Energy Capacity
Renewable Energy
Nirmala Sitharaman
Anurag Thakur
Adani Power
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