Union Minister Anurag Thakur.
New Delhi:
Battery Storage: The Union Cabinet on Wednesday approved an allocation of Rs. 3,760 crore Viability Gap Funding (VGF) was approved. Information and Broadcasting Minister Anurag Thakur informed reporters about this decision after the Union Cabinet meeting.
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He said that related to installation of battery energy storage system Rs. 3,760 crore will be borne by the central government.
He said that the funds will be disbursed in five installments till the year 2030-31. This will help in building energy reserves of 4,000 MWh.
Thakur said that from feasibility gap financing Rs. 9,500 crore is expected to be invested.
India aims to meet half of its energy needs through renewable energy and non-fossil energy sources in the next few years. Setting up a storage system is an important step in this direction.