ICRA says falling battery costs to support Indian storage market

Battery prices reached an all-time low in India in 2023, led by a moderation in raw material prices amid rising production across the value chain, according to credit rating agency ICRA. From pv magazine India ICRA said it expects the recent decline in battery costs to drive the adoption of battery energy storage system (BESS) projects in India. BESS and pumped hydro storage projects are now the dominant energy storage options in India. ICRA said it expects the share of generation from renewable energy, including large hydro, to increase to around 40% of national generation by fiscal 2030, from ...

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