Why is it essential to expand financial assistance for efforts involving energy storage?

By FY 2030, India aims to have 500 GW of renewable energy power generation capacity. This might call for battery storage with a capacity of 27 GW or 108 GWH, which is anticipated to be installed by FY 2030. The government power transmission company, PGCIL, intends to establish energy storage projects. The necessity of investment in this sector was discussed in FY 2022. The main purpose of energy storage projects is to benefit from grid integration of renewable energy sources. Due to the availability of land and grid connection, PGCIL is looking to increase investment in energy storage. They have good resource management skills too. A 500-kW battery energy storage system has been established in Puducherry as part of the firm's energy storage pilot project. Furthermore, PGCIL has been awarded a tender for a 500 KW energy storage project as part of the Haryana government's smart city program. On a lower scale, a 5 MW energy storage system and an 85 MW solar power plant are also being established at Nagda in Madhya Pradesh by PGCIL. PGCIL intends to take part in tenders for energy storage projects offered by several governments beginning in FY 2023.