ICRA says falling battery costs to support Indian storage market
- Admin
- May 3, 2024
- 1 min read
ICRA anticipates that the recent decline in battery costs will boost the uptake of Battery Energy Storage System (BESS) projects in India, with expectations that these and pumped hydro storage will be predominant. By 2030, renewable energy is projected to constitute about 40% of India's national generation, necessitated by the development of storage systems to address intermittency from wind and solar power. Recent BESS project tenders have seen significant reductions in tariffs, reflecting lower battery costs and enhanced project competitiveness.
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