JUNE 20238TOP STORIESINDIA TO OFFER $455 MILLION IN INCENTIVES FOR BATTERY STORAGE PROJECTSSUZLON GROUP CROSSES 20 GW INSTALLED WIND MILLS CAPACITY WORLDWIDEIndia would provide incentives of Rs 3,760 crore ($455.2 million) to businesses implementing battery storage installations with a capacity of 4,000 megawatt hours (MWh). The program's goals are to increase the number of battery storage projects that are essential to India's ambitious target to increase its renewable energy production to 500 GW by 2030 and lower the price of battery energy storage from its present range of 5.5-6.5 rupees per unit.There are very few large-scale operating projects worldwide for battery storage, which is used to support intermittent renewable energy supply and stable the grid. As part of the plan, large-scale battery energy storage devices will be developed in an effort to reduce costs through competitive bidding. The government will offer grants for three years as "viability gap funding" incentives to cover the risks of developers of important infrastructure projects that are or may become unprofitable commercially.It anticipates receiving 56 billion rupees in private investments under the programme. According to one of the individuals, who asked to remain anonymous because the proposal hasn't been made public and still needs approval from the federal cabinet, the contracts will be paid out in five instalments until 2030­2031. According to them, contracts will be allocated through a competitive process, with the lowest-bidder company being chosen. An inquiry for comment was not answered by India's power minister.Reliance Industries, Adani Power, and JSW Energy are three Indian corporations that have plans to build sizable battery factories. The country's cabinet, under by Prime Minister Narendra Modi, will then discuss and decide on the plan, which Finance Minister Nirmala Sitharaman made public during her budget statement on February 1. The approval has not yet been given a deadline.India currently has a battery storage capacity of 37 MWh. By 2031-32, it will need 27 GW of pump storage projects in addition to 236 GWh of battery energy storage, according to projections by its power sector planning organisation. Suzlon Group, a producer of renewable energy solutions, declared on Monday that it had reached the landmark of 20 GW of installed wind turbine capacity globally."Suzlon Group has crossed the 20GW wind energy installations milestone through 12,467 wind turbines installed across 17 countries, spanning six continents, solidifying Suzlon's position as a significant player in the global wind energy landscape".Since 1995, Suzlon has been developing the Indian wind energy industry in accordance with the late Chairman and much-celebrated creator Tulsi Tanti's vision. "Crossing the 20GW mark is a testament to Suzlon's dedication and expertise in the renewable energy industry", said Suzlon Group Vice Chairman Girish Tanti.Suzlon's 20 GW is a story of bringing India to the world, with 5.9 GW of Indian wind turbines deployed all around the world. He said that Suzlon's journey from the initial 270kW turbine in 1995 to the 3 MW turbine in 2023 will continue to excite future generations.Suzlon Energy and its subsidiaries make up the group, which has its headquarters at Suzlon One Earth in Pune. 5,900 different employees make up the group, which has a 28-year operational history. The nation's largest service portfolio of wind energy assets, totaling 13.9 GW, belongs to Suzlon.
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