2024 saw a significant change in Indian renewable space. Most of the solar tenders came up with energy storage as an option in India. Most solar tenders began incorporating energy storage as an option, leading to over 16 gigawatt-hours of hybrid tenders at competitive prices below 2 to 3 rupees. In 2022-2023, the Indian government has come up with multiple policies on energy storage including waiver of the transmission charges for the energy storage, and viability gap funding which was announced in the budget and implemented in the last part of 2024. The government’s initiatives included a 10% energy storage mandate for new solar projects, optimizing transmission lines, and creating substantial opportunities for battery energy storage systems (BESS) in India.
As the Indian Energy Storage Alliance (IESA), we anticipate a cumulative market potential of around 250 gigawatt-hours of battery energy storage requirements by 2032. Therefore, we believe that over the next seven years, India will become a market leader in this sector, alongside the US, Australia, Europe, and China. Many Indian companies have evolved, and numerous global companies have entered the Indian market this year. We foresee an acceleration phase for the deployment of Battery Storage Systems (BSS) for renewables in India by 2025.