September 06, 2023 09:24 pm | Updated 09:24 pm IST - NEW DELHIThe Union Cabinet on Wednesday approved Viability Gap Funding (VGF) for the development of Battery Energy Storage Systems (BESS). The 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. The VGF for development of BESS scheme, with an initial outlay of ₹9,400 crore, including a Budgetary support of ₹3,760 crore, signified the government’s commitment to sustainable energy solutions, the government said. A minimum of 85% of the BESS project capacity will be made available to discoms. The selection of BESS developers for VGF grants will be carried out through a transparent competitive bidding process, the government added.

Source: The Hindu September 07, 2023 04:15 UTC