India seeks $70 million from CIF to bolster energy storage and grid projects
India has drafted a proposal seeking $70 million in financing from the Climate Investment Funds (CIF) to enhance energy storage systems (ESS) and grid projects under the Renewable Energy Integration Investment Plan (REI IP), a joint effort by the Ministry of Finance and the Ministry of New and Renewable Energy (MNRE). Of the requested amount, $5 million will support technical assistance, project preparation, and capacity building.
The initiative aims to mobilise $1.1 billion with funding from partners like the Asian Development Bank, World Bank, and private investors. Focus areas include ESS deployment for stable, round-the-clock renewable energy through advanced grid management, and infrastructure upgrades for renewable integration.
The REI IP sets ambitious targets: expanding renewable generation by 1,500 MW, adding 2,800 MUs annually, developing 1,500 MWh of storage capacity, constructing 3,700 ckm of 33 kV distribution lines, and 580 ckm of 400 kV transmission lines, while targeting a 3.2 million tonne reduction in CO₂ emissions yearly.
The plan also aims to generate 13,500 green jobs, improve electricity reliability, diversify energy resources, and build climate resilience. Stakeholders have two weeks to comment on the draft REI IP.