Mint Explainer | What does ₹14,500 crore push for 92 GWh of energy storage mean for India's green energy transition?
India’s new ₹14,500 crore funding scheme aims to add 92GWh of grid-scale storage, including 30GWh of batteries and 60GWh of pumped storage. By storing surplus renewable power for later use, these systems could stabilize the grid, reduce power cuts and potentially lower electricity costs.
The Union Cabinet recently approved a ₹14,500 crore initiative to develop 92 GWh of grid-scale energy storage capacity in India. This move aims to tackle the issue of intermittency in renewable energy generation by providing a more reliable power supply and aiding in the stabilization of the country's electricity grid. The government's decision to launch this scheme is part of its broader strategy to promote green energy transition in the nation.
Rituraj Baruah, a special correspondent at Mint covering energy, housing, urban affairs, heavy industries, and small businesses, explains the significance of this development. The scheme, known as viability gap funding (VGF), seeks to address the financial challenges associated with setting up energy storage projects that may not be economically viable on their own. By providing financial support, the government hopes to spur private investments in the sector and accelerate the deployment of energy storage systems.
Written by urgent.news from Live Mint's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
