Inspenet, September 10, 2023.
The Indian government has revealed plans to invest $452 million to fill the viability gap in battery energy storage . The main purpose of this investment is to strengthen the country’s renewable energy capacity. Through this program, the aim is to promote the creation of a battery storage capacity of 4,000 MW/h for the 2030-31 fiscal year.
In order to encourage companies to set up manufacturing units, the government will offer incentives equivalent to a maximum of 40% of capital costs. This move is expected to boost the battery industry nationwide and generate new employment opportunities.
India’s investment in battery energy storage aims to smooth fluctuations in renewable energy supply, improve power grid stability and reduce dependence on fossil fuels.
Energy storage for a future without emissions
This initiative aligns with the country’s broader goal of expanding its renewable energy capacity and reducing emissions. greenhouse gases; That is why it has established an ambitious goal of reaching a total renewable energy capacity of 450 GW by 2030.
Such an investment is expected to bring various benefits, as it will facilitate better integration of renewable energy into the electricity grid, reduce limitations on the use of renewable energy and improve the overall reliability of the grid. Furthermore, the development of a robust battery manufacturing industry in India will contribute to the growth of the clean energy sector in the country and position it as a global leader in energy storage technologies.
By supporting the expansion of battery energy storage, the country aims to accelerate its transition to a sustainable, low-carbon energy future. This will not only help mitigate the environmental impacts associated with traditional power generation, but will also drive economic growth and open new opportunities in the renewable energy sector.