Mumbai, Oct. 8 -- UN Climate Change Executive Secretary Simon Stiell has welcomed India's approval of the Rs. 1.86 tn Green Energy Corridor Phase-III (GEC-III), saying the grid strengthening and battery storage scheme would support the country's people, economy and renewable energy expansion.
Stiell said the initiative would help India 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.
The Union Cabinet approved GEC-III with a total outlay of Rs. 1.86 tn, including Rs. 540.82 bn in Central Financial Assistance. The scheme, 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 programme includes the creation of 51,126 circuit kilometres of transmission lines and 2,28,903 MVA of transformation capacity across states. Of the Central assistance, Rs. 450.05 bn has been allocated for intra-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 programme management and grid studies.
The government has said GEC-III will help advance 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 intra-State transmission through tariff-based competitive bidding for greenfield projects, while brownfield projects will follow a cost-plus model. Central support is estimated to leverage about Rs. 1.32 tn in transmission investment, alongside around Rs. 4.6 tn linked to 135 GW of renewable energy capacity.
Published by HT Digital Content Services with permission from Construction World.