India launches $1.5bn energy storage plan

India has launched a $1.5 billion plan to develop 92 gigawatt-hours of energy storage capacity as it seeks to expand renewable power, the government said.

The scheme will run from 2026-27 to 2030-31. It will support 60 gigawatt-hours of pumped hydro storage, 30 gigawatt-hours of battery storage and two gigawatt-hours using emerging technologies.

The government said the incentives would support an estimated $10 billion of investment over the next five years. It said the planned additions would equal 170 percent of India’s existing grid-scale energy storage capacity.

Prime Minister Narendra Modi said the scheme would help deliver “more reliable power, greater renewable energy integration, and stronger energy security”.

India’s cabinet also approved a $300 million scheme to support four domestic processing plants for lithium and nickel, critical minerals used in electric vehicle batteries, energy storage systems and electronics.

The cabinet said India remains substantially dependent on imports and that domestic processing capacity is “imperative”.