In an effort to boost India’s battery storage plans, the government is exploring a nearly $1 billion concessional loan facility to be drawn from multilateral lenders such as the World Bank, Asian Development Bank (ADB), European Investment Bank, New Development Bank (NDB) and the Asian Infrastructure Investment Bank.
According to information reviewed by Mint, while about $400 million of this corpus is being explored for making electricity transmission and distribution-level investments in battery storage, another $250 million may be earmarked for making battery storage investments to support wheeling of electricity from green energy sources such as solar and wind across the national grid.
In addition, an additional $335 million may be allocated to offer concessional financing to catalyse investment into the battery market in India. The programme is helmed by the government’s policy think tank NITI Aayog and looks to accomplish what Tesla has done at its Gigafactory in Nevada, US.
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