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6 FAQs about [India bess cabinet]
What does Bess stand for?
BESS projects of total 4,000 MWh to be developed by 2030-31 under the Scheme through competitive bidding Scheme to reduce the cost of storage for distribution companies and consumers The Union Cabinet, chaired by the Hon’ble Prime Minister approves the Scheme for Viability Gap Funding (VGF) for development of Battery Energy Storage Systems (BESS).
What is battery energy storage systems (Bess) scheme?
The Union Cabinet, presided over by Prime Minister Narendra Modi, has given the green light to the Battery Energy Storage Systems (BESS) Scheme. This scheme is designed to foster the development of BESS projects, totaling a remarkable 4,000 MWh by the year 2030-31, through a competitive bidding process.
How many MWh of Bess projects will be developed by 2030-31?
The approved scheme envisages development of 4,000 MWh of BESS projects by 2030-31, with a financial support of up to 40% of the capital cost as budgetary support in the form of Viability Gap Funding (VGF).
What is the Bess scheme?
The Government of India remains committed to promoting clean and green energy solutions, and the BESS Scheme is a significant step towards achieving this vision. By harnessing the power of renewable energy and encouraging the adoption of battery storage, the government aims to create a brighter and greener future for all citizen
What is Bess VGF scheme?
The VGF scheme for the development of BESS is a much-required intervention for mobilising the first wave of such projects and enabling larger renewable energy installations, said Anish Mandal, partner at Deloitte India. He said current costs have prohibited Indian utilities and developers from scaling up BESS deployment. What is BESS system?
How much will Bess cost in 2023-26?
The disbursement of funds will extend up to 2030-31 in 5 tranches. The cost of BESS system is anticipated to be in the range of ₹ 2.40 to ₹ 2.20 Crore/MWh during the period 2023-26 for development of BESS capacity of 4,000 MWh, which translates into Capital Cost of ₹ 9,400 Crores with a Budget support of ₹ 3,760 Crores.
