Daijiworld Media Network - New Delhi

New Delhi, Nov 4: The Union Cabinet on Wednesday approved ?14,500 crore in viability gap funding (VGF) to support the development of 92 GWh of grid-scale energy storage capacity between the financial years 2026-27 and 2030-31.

The initiative is aimed at strengthening India's energy storage infrastructure and supporting the country's ambitious target of achieving 500 GW of renewable energy capacity by 2030.

The scheme will support the development of storage capacity across three technologies, including 30 GWh through Battery Energy Storage Systems (BESS), 60 GWh through Pumped Storage Projects and 2 GWh through emerging storage technologies, Information and Broadcasting Minister Ashwini Vaishnaw said during a media briefing.

Vaishnaw said the scheme would be implemented over five years, up to 2030-31.

The viability gap funding is intended to encourage investment in large-scale energy storage projects, which are crucial for managing the intermittent supply of renewable power and ensuring grid stability as India expands its solar and wind energy capacity.