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Centre Clears Rs 5,500 Crore Floating Solar Battery Storage Plan
(MENAFN- KNN India)
New Delhi, May 19 (KNN) The Finance Ministry's Expenditure Finance Committee (EFC) has approved a Rs 5,500 crore floating solar battery storage scheme aimed at accelerating renewable energy deployment and strengthening India's energy security.
The proposal will now be sent to the Union Cabinet for final approval as India seeks to expand clean energy capacity amid rising concerns over global energy supply disruptions linked to the ongoing West Asia conflict.
The scheme is designed to incentivise states and stakeholders to deploy floating solar projects integrated with battery energy storage systems across reservoirs and other water bodies.
The initiative is expected to help reduce land-use pressures while improving renewable energy generation efficiency, reported the Economic Times.
Revised Outlay, Incentive Structure Approved
According to officials, the Ministry of New and Renewable Energy (MNRE) had initially proposed an outlay of Rs 6,700 crore for the scheme.
However, the EFC approved a revised expenditure of Rs 5,500 crore and recommended modifications to certain components of the incentive structure before final rollout.
The government believes floating solar projects can play a major role in diversifying renewable energy deployment beyond conventional solar-rich regions while also supporting grid stability through integrated battery storage.
Battery storage systems are considered critical for managing the intermittency of renewable power generation and ensuring stable electricity supply during peak demand periods by storing surplus solar energy.
Focus On Energy Security, Grid Stability
The initiative aligns with India's broader clean energy transition goals and efforts to reduce dependence on imported fossil fuels amid heightened geopolitical uncertainty and rising global energy prices.
MNRE Secretary Santosh Sarangi had recently stated that the government is exploring incentive mechanisms to encourage a more geographically balanced expansion of renewable energy infrastructure across the country.
Although floating solar projects currently remain more expensive than ground-mounted solar installations, several states, including Madhya Pradesh and Andhra Pradesh, have already implemented pilot projects, demonstrating the technology's potential for large-scale deployment.
Officials said India still has significant untapped potential for floating solar development across reservoirs, dams and other inland water bodies.
(KNN Bureau)
The proposal will now be sent to the Union Cabinet for final approval as India seeks to expand clean energy capacity amid rising concerns over global energy supply disruptions linked to the ongoing West Asia conflict.
The scheme is designed to incentivise states and stakeholders to deploy floating solar projects integrated with battery energy storage systems across reservoirs and other water bodies.
The initiative is expected to help reduce land-use pressures while improving renewable energy generation efficiency, reported the Economic Times.
Revised Outlay, Incentive Structure Approved
According to officials, the Ministry of New and Renewable Energy (MNRE) had initially proposed an outlay of Rs 6,700 crore for the scheme.
However, the EFC approved a revised expenditure of Rs 5,500 crore and recommended modifications to certain components of the incentive structure before final rollout.
The government believes floating solar projects can play a major role in diversifying renewable energy deployment beyond conventional solar-rich regions while also supporting grid stability through integrated battery storage.
Battery storage systems are considered critical for managing the intermittency of renewable power generation and ensuring stable electricity supply during peak demand periods by storing surplus solar energy.
Focus On Energy Security, Grid Stability
The initiative aligns with India's broader clean energy transition goals and efforts to reduce dependence on imported fossil fuels amid heightened geopolitical uncertainty and rising global energy prices.
MNRE Secretary Santosh Sarangi had recently stated that the government is exploring incentive mechanisms to encourage a more geographically balanced expansion of renewable energy infrastructure across the country.
Although floating solar projects currently remain more expensive than ground-mounted solar installations, several states, including Madhya Pradesh and Andhra Pradesh, have already implemented pilot projects, demonstrating the technology's potential for large-scale deployment.
Officials said India still has significant untapped potential for floating solar development across reservoirs, dams and other inland water bodies.
(KNN Bureau)
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