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India's Power Minister has finalised a funding mechanism for projects related to Battery Energy Storage Systems (BESS). This step is crucial for integrating renewable energy sources like solar and wind into the power grid.
The funding mechanism includes a viability gap funding (VGF) scheme, which will be implemented by the Ministry of New and Renewable Energy (MNRE). Under this scheme, a certain amount of funding will be provided to bridge the gap between the cost of the project and the amount that developers can raise through loans and equity.
The VGF scheme aims to make BESS projects financially viable and attractive for developers. It will help accelerate the deployment of BESS, which is essential for managing the variability and intermittency of renewable energy sources.
India has set ambitious targets for renewable energy capacity, including 450 gigawatts (GW) of renewable energy by 2030. BESS plays a crucial role in achieving these targets by ensuring grid stability and reliability.
The funding mechanism for BESS projects is a positive step towards achieving India's renewable energy goals. It will encourage developers to invest in BESS projects, which are essential for a sustainable energy future.
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