New Delhi, Sept. 28 -- India's shift towards renewable power is expected to create a major requirement for energy storage, with over Rs 4 lakh crore of storage-related investment estimated to be needed by FY32, according to CareEdge Ratings.

The report said India's power sector is moving from a challenge of adding generation capacity to a new challenge of integrating increasing renewable capacity into the electricity system.

While non-fossil sources account for around 50 per cent of India's installed power generation capacity, they contribute around 29 per cent of actual electricity generation.

This gap makes energy storage, transmission infrastructure and flexible generation increasingly important as the share of renewable power rises...