With an goal to deliver down the price of battery storage techniques, the Union cupboard accepted a scheme for viability hole funding (VGF) for its growth. The scheme envisages growth of 4,000 MWh of battery power storage system (BESS) initiatives by 2030-31.
“It’s designed to harness the potential of renewable power sources equivalent to photo voltaic and wind energy to supply clear, dependable, and reasonably priced electrical energy to the residents,” info and broadcasting minister Anurag Thakur mentioned.
The scheme may have a monetary assist of as much as 40% of the capital value as budgetary assist within the type of VGF. “It’s a watershed second within the lengthy listing of pro-environment measures taken by the Authorities, the transfer is predicted to deliver down the price of battery storage techniques growing their viability,” the cupboard assertion mentioned.
Thakur mentioned the VGF for growth of BESS scheme, with an preliminary outlay of Rs 9,400 crore, together with a budgetary assist of Rs.3,760 crore, signifies the federal government’s dedication to sustainable power options.
The federal government mentioned by providing VGF assist, the scheme targets reaching a levelized value of storage (LCoS) starting from Rs 5.50 – Rs 6.60 per kilowatt-hour (kWh). This may make saved renewable power a viable possibility for managing peak energy demand throughout the nation.
The VGF shall be disbursed in 5 tranches linked with the assorted phases of implementation of BESS initiatives.
“To make sure that the advantages of the scheme attain the shoppers, a minimal of 85% of the BESS venture capability will likely be made accessible to energy distribution corporations (Discoms). This is not going to solely improve the mixing of renewable power into the electrical energy grid but in addition reduce wastage whereas optimizing the utilization of transmission networks. Consequently, this may cut back the necessity for expensive infrastructure upgrades,” Thakur mentioned.
The Union cupboard additionally accepted an quantity of Rs 1,164.53 crore for Industrial Improvement Scheme (IDS), 2017 for Himachal Pradesh and Uttarakhand. The scheme has two parts underneath which the eligible new industrial items and current industrial items on their substantial growth within the manufacturing and repair sector will likely be offered Central Capital Funding Incentive for entry to credit score (CCIIAC) on the fee of 30% of the funding in plant and equipment with an higher restrict of Rs.5.00 crore.
Below the second element of the scheme, industrial items will likely be eligible for reimbursement of 100% insurance coverage premium on insurance coverage of constructing and plant and equipment for a most interval of 5 years from the date of graduation of business manufacturing/operation. It’s anticipated to generate direct employment alternatives for about 48,607 folks by 774 registered.
