The storage system will permit storing energy for use at night or when generation is not possible since the demand for electricity varies with the weather.
Anurag Singh Thakur (AFP) is the minister of information and broadcasting, youth affairs, and sports.
Anurag Thakur, a Union minister, announced at a briefing on Wednesday that the Union cabinet has approved viability gap funding for private companies to install battery energy storage systems for up to 40% of the capital cost. This will expand the capacity for renewable energy.
As of right now, according to Thakur, hydropower accounts for 25% of India's electricity needs, or about 15% of the country's total electricity needs.
— INDIA (@Thecorruptorr) September 6, 2023"By 2030, we hope to be able to meet 50% of our energy needs through the use of non-fossil or renewable energy sources. We are devoted to doing this. We have also achieved other goals ahead of schedule. A significant decision was made today to permit viability gap funding (VGF) for the installation of battery energy storage systems. 3,760 crore will be used for this. After the cabinet meeting, the minister briefed the media and stated, "This is a 100% central grant.
This action might attract at least $9,500 crore in investments for battery storage systems.
The storage system will allow for the storage of energy for use at night or when generation is not possible since the demand for electricity varies with the weather.
To use renewable energy continuously, we need a battery energy storage system. A battery energy storage capacity of 4,000 megawatt hours is the target. The maximum amount of VGF will be 40% of the capital cost. Up until FY31, the VGF will be distributed in five installments, the minister stated.
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