New Delhi, November 9 (IANS). The $1.5 billion plan launched by the Central Government to develop 92 GW of energy storage capacity in the country over the next five years will further accelerate India's journey towards renewable energy. Besides, energy security will also increase. This information was given in a report.
On this scheme, which will run between FY 2026-27 to FY 2030-31, Khaleej Times said that it will support 60 GW of pumped hydro storage, 30 GW of battery storage and 2 GW of storage through emerging technologies in the country.
He further said that the government expects these projects to bring in investments of about $10 billion in the next five years.
Announcing the Cabinet approval, Prime Minister Narendra Modi said the Rs 14,500 crore initiative will improve power reliability, help in the inclusion of renewable energy and strengthen energy security.
The storage capacity envisaged under this scheme is equivalent to approximately 170 per cent of India's existing grid-scale storage capacity.
The initiative comes at a time when India seeks to meet growing power demand as well as reduce its vulnerability to disruptions in global energy supplies.
According to the report, the country aims to reach 500 GW of non-fossil fuel-based power capacity by 2030 and achieve 'net-zero' emissions by 2070.
Despite the rapid expansion of solar power and other renewable energy sources, energy storage remains a major challenge. Solar energy production is highest during the day, while electricity demand increases in the evening, when solar energy production decreases.
Storage facilities can help bridge this gap, reducing wastage of excess renewable electricity and limiting reliance on coal-fired power plants.
According to Khaleej Times report, the government estimates that India will need about 411 GW of grid-scale energy storage by 2031-32, which includes 236 GW of battery storage and 175 GW of pumped-hydro storage.
This new scheme will promote domestic manufacturing of battery energy storage systems, reduce dependence on imports and strengthen long-term energy security.
It will be mandatory for battery storage projects under this initiative to use at least 40 percent domestic content.
Additionally, reports state that the government has approved a $300 million plan to set up four domestic processing plants for lithium and nickel. These minerals are extremely important for batteries, energy storage systems and electronic products.
–IANS
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