3760 cr viability gap finance for battery energy storage system
Cabinet Approves Viability Gap Funding for Battery Energy Storage SystemsExtract:
The recent developments in the realm of energy storage have seen the Cabinet approving a substantial viability gap funding of 3,760 crore for battery energy storage systems.
The projects' success hinges significantly on this financial support from the government to make the storage systems economically feasible for various stakeholders involved.
Furthermore, with India striving to enhance its renewable energy penetration in the national grid, the focus is on creating a conducive market environment for energy storage. However, the geopolitical uncertainties and global commodity price fluctuations present challenges to the timely implementation of such initiatives.
The government's ambitious target of achieving 4,000 MWh of battery storage capacity underscores its commitment to integrating more renewable energy sources into the grid infrastructure.
This move is crucial as global battery manufacturers currently prioritize markets like the US and Europe for storage-based renewable energy projects, leaving India with the task of establishing itself as an attractive destination for such investments.
My Take:
Grid Storage Battery: 4 Years and Counting!.....17/04/2022
"The idea of setting up a standalone renewable battery power bank in India resonates with the current scenario where the focus is on enhancing energy storage capabilities.
Back in my blog post, I highlighted the necessity for viability gap funding from the government to make such projects viable amidst price fluctuations in essential raw materials like lithium.
It's satisfying to see the progression towards creating a market for energy storage solutions and the government's commitment to bolster renewable energy integration into the grid.
The increased focus on renewable energy solutions, as highlighted in the article, underscores the importance of proactive measures to mitigate global supply chain disruptions and price volatility.
Establishing India as a competitive player in the energy storage market requires concerted efforts to attract investments and foster innovation. The current developments signify a step in the right direction towards ensuring energy security and promoting a greener future for the country."
Call to Action:
To the Ministry of New and Renewable Energy and key stakeholders involved in energy storage initiatives mentioned in the article, let's continue to collaborate and innovate to overcome challenges and realize the vision of a robust and sustainable energy landscape in India.
Embracing strategic partnerships and leveraging technological advancements will be critical in achieving our renewable energy targets efficiently.
With regards,
Hemen Parekh
www.My-Teacher.in
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