India to be world’s largest market for battery storage by 2040

According to the International Energy Agency, India will become the largest market for utility-scale battery storage by 2040 as renewables show immunity to the COVID-19 pandemic to emerge as a cost-effective choice and will push coal into a corner.

In addition, India, which is working on adding 100 GW solar capacity by 2023, is also shifting focus towards storage-based projects to tackle the intermittency of power from solar PV. In May, Goldman Sachs-backed ReNew Power won the world’s first tender for round-the-clock supply of green power quoting a tariff of 4 US cents per unit. In February, Greenko and ReNew won 900 MW and 300 MW packages of a 1200 MW storage-based projects auctioned by Solar Energy Corporation of India (SECI).

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