NEW DELHI, Nov. 5 (Xinhua) -- The Indian government on Wednesday approved a 1.53 billion U.S. dollars scheme to help build 92 GWh of energy storage capacity in the country.
In breakdown, the scheme envisages the development of 60 GWh of Hydro Pumped Storage Plant capacity, 30 GWh of Battery Energy Storage System capacity and 2 GWh of capacity through alternative energy storage technologies, according to a government statement.
A key objective of the scheme is to strengthen India's domestic energy storage manufacturing ecosystem through demand-side financial support and reduce dependence on imported components, the statement said.
Reports said this development is significant given India's ambitious target of 500 GW of renewable energy by 2030. ■