India, Nov. 10 -- India's energy storage initiative is expected to attract around $10 billion in investments over the next five years, as the country accelerates efforts to strengthen energy security and integrate renewable power into its electricity network. According to a report by Khaleej Times, the government has approved a $1.5 billion scheme to develop 92 gigawatt-hours (GWh) of grid-scale energy storage capacity between 2026-27 and 2030-31.

The scheme will support 60 GWh of pumped hydro storage, 30 GWh of battery storage and 2 GWh through emerging technologies. Announcing the Cabinet approval, Prime Minister Narendra Modi said the Rs 14,500 crore initiative would improve power reliability, facilitate renewable energy integration ...