India Pledges Incentives for 4 GW Battery Storage Power Generation

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Researched by Industrial Info Resources (Sugar Land, Texas)--India's government has announced it will provide US$455 million in incentives for battery storage projects to set up 4,000 megawatt-hours' (MWh) worth of battery storage projects by 2030. These initiatives are crucial to meet India's goal to expand its renewable energy capacity to 500 gigawatts by 2030.

Under the scheme, the government will offer viability gap funding (VGF), which includes incentives to mitigate the risks associated with economically unviable infrastructure projects. These grants will be provided over a period of three years.

In addition to government funding, the scheme anticipates attracting US$700 million in private investments. The contracts will be disbursed in five tranches until 2030-2031, subject to approval by the federal cabinet. The competitive selection process will prioritize the company with the lowest bid, ensuring efficiency and cost-effectiveness.

Industrial Info tracking 29 battery storage projects in India, worth US$17.2 billion. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Industry Project Database can click here for a list of detailed project reports.

Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).