, India
Photo by Pixabay: https://www.pexels.com/photo/brown-transmission-towers-on-field-during-sunset-landscape-photography-46169/

India needs 12 GW of storage capacity in FY2024

This will be increasing to 70 GW in FY2030.

India will need around 12 gigawatts (GW) of energy storage capacity, with an assumption of four hours of storage per GW in the financial year 2024 in line with the government’s energy storage obligations (ESO) policy, according to CareEdge Ratings.

Launched in July 2022, the ESO states that obligated entities should ensure securing some renewable capacity with storage components. The A 1% target is set for FY2024, and a linear increment of 0.5% is mandated until FY2030.

Along with the augmented renewable purchase obligation targets, ESO will support India’s goal of installing 500 GW of renewable energy by 2030.

ALSO READ: Energy storage VC funding up 59% YoY to $9.2b in 2023

CareEdge Ratings noted that the government has issued various policies to promote energy storage (PSP) and attract project investments such as the framework for pumped storage projects focusing on land allocation, and approvals simplification.

The country also launched guidelines to standardise key terms in various tenders requiring firm and dispatchable energy, and the viability gap funding which aims to lower the levelised cost of storage.

“The investor interest in this segment also remains buoyant with multiple large groups winning capacities in various storage auctions,” said Sabyasachi Majumdar, Senior Director, CareEdge Ratings. 

“However, from a financial viability standpoint, the country needs to cover some distance as BESS which is modular in nature is not as cost effective as PSPs and the latter has its inherent challenges including dependence on location, high gestation period etc,” Majumdar added.


Follow the link for more news on

Join Asian Power community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!


India removes licence requirement to build transmission lines for bulk consumers
The rule applies to those with at least 25 MW of load for inter-state connection and at least 10 MW for intra-state.
NEFIN Group works double time to catch up on projects
CEO Glenn Lim explains how a delay turned out good as the company aims to reach 667 MW of capacity by 2026.
Summit Power International provides vital LNG support to Bangladesh
Without cross-border electricity supply, LNG is needed by a country facing geographical constraints to deploy renewables.