Schedule a Call Back
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
Related Stories
Auto & Auto Components
Toyota Kirloskar Motor and NISE partner to advance India’s green hydrogen goals
The partnership represents a critical convergence of industry, research, and national policy to accelerate India’s transition toward a clean, secure, and hydrogen-based energy ecosystem.
Read moreElectrical & Electronics
Waaree Energies Sets India First With 1 GW Solar Module Output in a Month
Waaree Energies has become the first Indian solar manufacturer to produce over 1 GW of modules in a single month, marking a major milestone for India’s renewable energy manufacturing sector.
Read moreAuto & Auto Components
Vingroup to Invest $ 3 Billion in Telangana to Build Integrated Smart Ecosystem
Vingroup and Telangana sign a $ 3 billion MoU to develop a large-scale smart, green, multi-sector ecosystem spanning urban development, mobility, energy and social infrastructure.
Read moreRelated Products
Forklift Battery
BATTERIES, UPS SYSTEMS & VOLTAGE STABILISERS
Aatous International is a manufacturer and solution provider of a wide range of forklift battery.
Kusam Meco -Wrist Type High Voltage Alarm
BATTERIES, UPS SYSTEMS & VOLTAGE STABILISERS
‘KUSAM-MECO’ has introduced a new wrist Type High Voltage Alarm Detector - Model KM-HVW-289 having a wide sensing range from 1kV-220 kV AC.
Servotech Power Systems files 2 patents for energy management technologies
BATTERIES, UPS SYSTEMS & VOLTAGE STABILISERS
Servotech Power Systems, a leading manufacturer of EV chargers and solar solutions, has announced that it has filed two patents for innovative energy management technologies in order to facilitate gri Read more
latest News
Subscribe to iNoW
For Industry News on WhatsApp, Give a Miss Call on: +91 84228 74016
