Storage is the key to unlocking the full potential of solar and wind energy sources

Considering the intermittent nature of solar and wind power and the growing demand for round-the-clock electricity in India, energy storage is the critical missing piece.

Energy storage is essential to realizing the full potential of energy sources such as solar and wind power. Making it a base load is essential to accelerating the adoption of clean energy. A recent report from the Energy Initiative at the Massachusetts Institute of Technology also highlights that emerging markets and developing economies like India are focusing on energy storage technologies.

While most economies are developing and installing large-scale energy storage systems, India has only recently started deploying energy storage projects. In one of the largest storage tenders, the Solar Energy Corporation of India plans to set up pilot projects of 500MW/1000MWh stand-alone battery energy storage systems under a construction model, possession, operation and transfer.

Power project developers in the country have shown reluctance to undertake projects with storage options due to rising prices and lack of availability of battery components. This had been a significant impediment to the growth of battery storage projects in the country.

Mercom hosts’Mercom India Solar Summit 2022,’ an exclusive event on July 28-29 in New Delhi, where key stakeholders at all levels will discuss critical issues, challenges, supply chain disruptions, financing and market movements in the renewable energy sector.

In one of the sessions titled ‘Energy storage: what are we waiting for?Participants will discuss lessons learned from global markets, the role of short- and long-term energy storage, and technologies that can address different pain points.

The panel will be comprised of Rajnath Ram, Advisor, NITI Ayog; Upma Koul, Vice President, Sumitomo SHI FW; and Rupam Raja, Market Director-South Asia, Fluency.

Wendy Prabhu, President and Co-Founder of Mercom Capital Group will facilitate the session.

With growing global demand, battery storage companies have seen an influx of funding. According to Mercom 2022 First Half and Second Quarter Financing and M&A Report for Storage, Network and Efficiencycorporate funding for battery storage businesses in 1H 2022 increased 64% overall, with $15.8 billion raised in 57 deals compared to $9.6 billion raised in 43 deals in 1H 2021.

In India, the government plans to introduce an energy storage policy to stimulate growth and support the expansion of renewable energy. Union Energy Minister RK Singh in his recent interaction with renewable energy developers and government officials said that storage will be an integral part of the power system under the Energy Act. electricity.

Some of the initiatives in the draft policy that could facilitate storage adoption include – decommissioning the development of stand-alone energy storage; energy storage capacity in 24-hour renewable energy projects to be considered for renewable purchase obligation (RPO); issuance of renewable energy certificates (CER) for storage capacities; and waiving renewable energy transmission costs when charging for the storage and sale of stored renewable energy.

You can register for the event here.

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