The Union Cabinet on Wednesday approved Rs 14,500 crore in viability gap funding for 92 GWh of grid-scale energy storage systems between FY27 and FY31. This development is significant given India's ambitious target of 500 GW of renewable energy by 2030. The scheme is aimed at supporting the development of 92 GWh storage capacity across three technologies -- Battery Energy Storage System (30 GWh), Pumped Storage Projects (60 GWh) and Emerging Storage Technologies (2GW), Information and Broadcasting Minister Ashwini Vaishnaw said in a media briefing here. The minister said the scheme will be implemented for five years till 2030-31.
Cabinet clears ₹14,500 cr funding scheme for battery energy storage systems
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Business Standard - LatestBy Press Trust of India
EXECUTIVE SUMMARY
The Union Cabinet on Wednesday approved Rs 14,500 crore in viability gap funding for 92 GWh of grid-scale energy storage systems between FY27 and FY31. This development is significant given India's ambitious target of 500 GW of renewable energy by 2030. The scheme is aimed at supporting the development of 92 GWh storage capacity across three technologies -- Battery Energy Storage System (30 GWh), Pumped Storage Projects (60 GWh) and Emerging Storage Technologies (2GW), Information and Broadcasti
Key Takeaways
- Cabinet clears ₹14,500 cr funding scheme for battery energy storage systems.
- The Union Cabinet on Wednesday approved Rs 14,500 crore in viability gap funding for 92 GWh of grid-scale energy storage systems between FY27 and FY31.
- This development is significant given India's ambitious target of 500 GW of renewable energy by 2030.
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