According to a report from Reuters, the Indian government has sanctioned a substantial renewable energy initiative valued at 1.86 trillion rupees (approximately $19.42 billion) aimed at enhancing current energy grids and expanding storage capabilities, as announced by the country’s information minister on Wednesday.
A significant portion of the funding, amounting to 1.36 trillion rupees, is designated for the enhancement of transmission infrastructure within states, facilitating the transfer of up to 135 Gigawatts (GW) of renewable energy, as outlined in a government statement.
This funding approval is particularly timely as India faces challenges in upgrading its transmission network to keep pace with the increasing clean energy capacity being integrated on a monthly basis.
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In addition, India has introduced a 500 billion rupees incentive program to support the installation of battery energy storage systems capable of storing 50 gigawatt-hours. This initiative addresses the existing shortfall in storage capabilities needed to retain the renewable energy generated during daylight hours.
The incentives align with India’s ambitious goal of boosting its non-fossil fuel energy capacity to 500 GW by 2030, an increase from the current 304 GW.
