Simon Stiell, the UN Climate Change Executive Secretary, has welcomed India’s approval of the Rs.1.86 tn Green Energy Corridor Phase – III (GEC-III), saying that the grid of strengthening and battery storage scheme would support the country’s people, economy, and renewable energy expansion. He also stated that this initiative would help the people of India to harness its growing renewable energy capacity, meet rising electricity demand, and reinforce its position as a global leader in solar energy. He also described battery storage as strategically important for energy security and economic growth in major economies such as India.

GEC-III was approved by the Union Cabinet with a total outlay of Rs.1.86 tn, including Rs.540.82 bn in the Central Financial Assistance. The scheme also explains which will run until FY 2032-33, is expected to facilitate the evacuation of around 135 GW of renewable energy and support the deployment of 50 GWh of battery storage. 

The program also includes the creation of 51,126 circuit kilometers of transmission lines and 228,903 MVA of transformation capacity across states. Out of central assistance of Rs. 450.0 bn has been allocated for infra-state transmission systems, Rs. 60 bn for battery energy storage through viability gap funding, Rs. 30.5 bn for committed liabilities from earlier phases, and Rs. 270 mn for program management and grid studies.

The officials have said that the GEC-III will help in advancing India’s target of 500 GW of non-fossil fuel-based installed electricity generation capacity by 2030. It is also intended to encourage private sector participation in infra-state transmission through tariff-based competitive bidding for greenfield projects, while brownfield projects will follow a cost-plus model.  The anticipated central support is projected to catalyze approximately Rs. 1.32 trillion in transmission investments, in addition to an estimated Rs. 4.6 trillion associated with 135 GW of renewable energy capacity.

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