IREDA has acknowledged the need for robust policies to fortify the supply chain network.
During a panel discussion on “Future Growth Opportunities for Long Duration Energy Storage,” Pradip Kumar Das, Managing Director and Chairperson, IREDA, discussed the need to put policies in place that fortify the supply chain network.
The CMD asserted that implementing policies that strengthen the supply chain network is essential for the successful deployment of energy storage technologies. Providing competitive and tailored financial solutions will encourage investment in energy storage projects.
He said the strategic initiative would aid the nation’s transition to a greener future. He underlined how important energy storage will be to reaching the National Green Hydrogen Mission’s goal of producing more than 5 million metric tons of hydrogen annually (MTPA) by 2030.
To lower costs and improve the performance of energy storage solutions, the CMD emphasized the importance of stepping up research and development efforts. He said that offering affordable and customized financing options will stimulate investment in energy storage projects.
Mr Das participated in the panel discussion after opening an IREDA office in GIFT City.
The office will support manufacturing projects related to green hydrogen and renewable energy. Implementing natural hedging will significantly reduce financing costs for green hydrogen and renewable energy projects.
India has made significant progress in storage by creating a storage requirement roadmap, conducting technology-neutral tenders, and encouraging government initiatives for battery production and pumped storage hydropower projects. By 2030–32, the Central Electricity Authority of India projects that storage needs will approach 400 gigawatt-hours (GWh), requiring an investment of more than Rs. 3.5 lakh crores.
