New Delhi [India], October 2 (ANI): UN Climate Change Executive Secretary Simon Stiell has welcomed India’s approval of the Rs 1.86 lakh crore Green Energy Corridor Phase-III (GEC-III), describing the grid strengthening and battery storage scheme as a major step that will deliver “big dividends” for the country’s people and economy.
In a statement to ANI, Stiell said the initiative would help India harness its growing renewable energy capacity, meet rising electricity needs and further strengthen its position as a global leader in solar energy.
“India’s grid strengthening and battery storage scheme is a major step forward that will deliver big dividends for India’s people and economy,” Stiell said.
He said the scheme would help integrate renewable energy into India’s power system while supporting economic growth.
“It will help harness the country’s growing renewable energy capacity, helping power people’s daily needs, boost India’s economic growth, and further strengthen India’s status as a global solar superpower,” he said.
Stiell also highlighted the strategic importance of battery storage for large economies such as India, particularly in the context of energy security and economic growth.
“Battery storage provides a strategic opportunity for major economies like India to achieve energy security and economic growth,” he said.
The UN official further said that stronger electricity grids and battery storage infrastructure could generate employment across manufacturing, construction and energy storage as the global transition towards renewable energy and clean technologies accelerates.
“Stronger power grids and battery storage will create more jobs in manufacturing, construction and energy storage, and drive forward India’s opportunities, as the global renewables and electrotech revolution charges ahead,” Stiell said.
The Union Cabinet has approved GEC-III with a total outlay of Rs 1,86,405 crore, including Rs 54,082 crore in Central Financial Assistance, to strengthen intra-State transmission systems and support deployment of Battery Energy Storage Systems.
The scheme, which will run up to FY 2032-33, is expected to facilitate evacuation of around 135 GW of renewable energy and deployment of 50 GWh of battery storage.
It also envisages creation of 51,126 circuit kilometres of transmission lines and 2,28,903 MVA of transformation capacity across states.
Of the Centre’s financial assistance, Rs 45,005 crore has been earmarked for intra-State transmission systems, Rs 6,000 crore for battery energy storage through viability gap funding, Rs 3,050 crore towards committed liabilities of earlier phases and Rs 27 crore for programme management and grid studies.
The government has said GEC-III will be a key enabler for India’s target of 500 GW of non-fossil fuel-based installed electricity generation capacity by 2030, with transmission infrastructure being critical to evacuate and integrate renewable power generated across geographically dispersed regions.
The scheme also seeks to promote greater private-sector participation in intra-State transmission through tariff-based competitive bidding for greenfield projects, while brownfield projects will be implemented on a cost-plus basis.
The government estimates that the Central support will leverage around Rs 1.32 lakh crore in transmission investment, besides enabling investment associated with 135 GW of renewable energy, estimated at around Rs 4.6 lakh crore. (ANI)