India on 4th December became a member of the Battery Energy Storage Systems (BESS) Consortium.
- It is an initiative led by The Global Leadership Council (GLC) of the Global Energy Alliance for People and Planet (GEAPP).
- As part of this collaborative effort, India stands among the pioneering nations committed to securing 5 Gw of BESS commitments by the conclusion of 2024.
- In September 2023, the government endorsed viability gap funding for BESS development.
- The scheme aims to facilitate establishing 4,000 Mwh of BESS projects by 2030-31, providing financial assistance of up to 40 per cent of the capital cost through budgetary support in the form of VGF.
- Approximately 42 Gw (208 Gwh) of BESS would be required to integrate 392 Gw of VRE (100 Gw of wind and 292 Gw of solar) by 2030.
- It also found that integrating increasing amounts of VRE resources, mainly solar and wind, to be a major factor driving grid storage adoption.
- IndiGrid, a power sector infrastructure investment trust, was awarded its first BESS project in Delhi.
About GEAPP
- The Global Energy Alliance for People and Planet (GEAPP) is an alliance of philanthropy, governments, technology, policy, and financing partners.
- It aims to provide concessional debt financing for 70 per cent of the total capital investment and technical assistance for the project.
