The Union Cabinet on Wednesday approved a Rs 3,760 crore grant scheme to support the development of battery energy storage systems that would help bring down the cost of storage of renewable energy in the country.
The new scheme envisages development of 4,000 MWh of battery energy storage systems by 2030-31. The government will provide financial support of up to 40% of the capital cost as budgetary support in the form of “viability gap funding”.
“This a 100% central grant,” Union Minister Anurag Thakur said at a media briefing after the cabinet meeting.
