Govt approves Rs 3,760 cr viability gap fund to promote battery energy storage system

New Delhi: The Union Cabinet on Wednesday approved a Rs 3,760 crore viability gap funding for setting up battery energy storage system in the country, said Information and Broadcasting Minister Anurag Thakur.

The entire Rs 3,760 crore viability gap funding will be borne by the central government, the minister said while briefing media about the Cabinet decisions.

The fund will be released in five tranches till 2030-31 and help in creation of 4,000 MW hours storage.

The viability gap funding, Thakur said, will lead to an investment of Rs 9,500 crore.

India aims to meet its 50 per cent of energy requirements through renewable energy and non-fossil energy sources.