New Delhi. The Union Cabinet on Wednesday approved a Viability Gap Funding Scheme of Rs 14,500 crore for grid-level energy storage systems for the current financial year 2026-27 to 2030-31 to strengthen the country’s power grid and promote renewable energy.
Information and Broadcasting Minister Ashwani Vaishnav told a press conference here that the Union Cabinet chaired by Prime Minister Narendra Modi today has approved ‘Viability Gap Funding’ of Rs 14,500 crore for 92 GWh of grid-scale energy storage systems between the current financial year 2026-27 and financial year 2030-31.
Vaishnav said that the objective of this scheme is to support the development of new energy storage capacity of 92 GWh across the country. The move assumes significance as India has set an ambitious target of 500 GW of renewable energy by 2030.
He said that the objective of this scheme is to help in developing storage capacity of 92 GW per hour through three types of technologies. These include battery energy storage systems (30 GWh), pumped storage projects (60 GWh) and emerging storage technologies (2 GWh).