India to offer $455 mn in incentives for battery storage projects: Report
India will offer 37.6 billion rupees ($455.2 million) in incentives to companies setting up battery storage projects totaling 4,000 megawatt hours (MWh) under a scheme announced earlier this year, two government sources said.
The scheme is intended to boost battery storage projects critical to India’s ambitious plan to expand its renewable energy capacity to 500 gigawatts (GW) by 2030 and cut the cost of battery energy storage from the current 5.5-6.5 rupees per unit.
Battery storage, used to back up intermittent renewable power supply to stabilise the grid, is an evolving technology, and there are very few large-scale operational projects in the world.
