Another step towards clean energy! Cabinet approves 3,760 crore fund

The Union cabinet on Wednesday approved viability gap funding worth ₹3,760, or up to 40% of capital cost for private players to set up battery energy storage systems, to increase renewable energy capacity.

According to Union Minister Anurag Thakur, India currently meets 15% of its energy needs for renewable sources, 25% if hydropower is included, with the target being 50% by 2030.

TEXTPLATE:

VIABILITY GAP FUND FOR BATTERY STORAGE UNITS GETS CENTRAL NOD

GAP FUND WORTH 3,760 CRORES OR UPTO 40% OF CAPITAL FUND

GOVT AIMS TO BRING PRIVATE PLAYERS FOR BATTERY STORAGE

BATTERY STORAGE TO HELP MEET POWER SURGE DEMAND

INDIA CURRENTLY MEETING 15% POWER DEMANDS VIA RENEWABLE SOURCE

TOTAL ENERGY GENERATED VIA RENEWABLE SOURCE, INCLUDING HYDROELECTRICITY AT 25%

INDIA AIMING TO REDUCE DEPENDENCY ON FOSSIL FUELS: THAKUR