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					</table>Ahead of the seven-phase elections to the Lok Sabha, India’s lower house of Parliament, starting April 17, 2024, the two major political parties in the fray have committed themselves to implementing a plethora of energy transition initiatives.
In their manifestos, the ruling <a href="https://www.bjp.org/home" target="_blank" rel="noopener">Bharatiya Janata Party</a> (BJP) and the Opposition <a href="https://www.inc.in/" target="_blank" rel="noopener">Indian National Congress</a> have outlined their vision for adopting renewable energy to achieve energy independence.
The manifesto of the BJP, which has been governing India since 2014 and is seeking a third consecutive term, has detailed programs it plans to undertake on the renewable energy front.
The BJP has promised to ensure ‘energy independence’ by 2047 and reduce petroleum imports through a mix of electric mobility, a network of charging stations, renewable energy generation, and improved energy efficiency.
By implementing the PM Surya Ghar Muft Bijli Yojana, the party said it will enable homes nationwide to run devices like electric stoves, fans, air conditioners, televisions and electric vehicle charging through solar energy.
In February, the Union Cabinet <a href="https://www.mercomindia.com/cabinet-approves-new-rooftop-solar-subsidy-program" target="_blank" rel="noopener">approved</a> the program to install rooftop solar systems in 10 million households, with a total outlay of ₹750.21 billion (~$9.05 billion) until the financial year 2025-26.
“We will harness Bharat’s renewable energy potential, targeting 500 GW of renewable energy through the establishment of mega solar parks, wind parks, and the Green Energy Corridor project, among others,” the BJP has said.
Among other significant promises, the BJP wants to incentivize private sector investment in large-scale battery energy storage systems infrastructure to foster renewable energy integration, grid stability, and resilience.
Other key points from the BJP’s manifesto are:
<ul>
<li>Increasing ethanol blending in petrol to mitigate environmental degradation while providing additional income to farmers</li>
<li>Expanding green hydrogen production and developing technologies to make India a major green hydrogen production hub</li>
<li>Establishing smart grids incorporating smart meters and control centres for efficient and intelligent energy management</li>
<li>Setting up a centre of excellence for clean energy technologies, positioning the country as a global manufacturing hub for wind, solar and green hydrogen, and scaling bio-energy manufacturing facilities from all types of waste</li>
<li>Accelerating the PM e-Bus Seva initiative by introducing e-buses in more cities</li>
</ul>
Congress to Mobilize Green Energy Capital
The Congress Party committed itself to mobilizing the massive capital required for India’s green energy transition and achieve the goal of net zero by 2070. The party plans to set up the Green Transition Fund of India together with state governments and the private sector.
“We will launch a Green New Deal Investment Program focused on renewable energy, sustainable infrastructure, and the creation of green jobs,” the party said.
A parliamentary committee had said India would <a href="https://www.mercomindia.com/renewables-sector-needs-an-annual-investment-2" target="_blank" rel="noopener">need</a> an annual investment of ₹1.5-₹2 trillion (~$19.72-~$26.29 billion) in the renewable energy sector until 2030, compared to the ₹750 billion (~$9.86 billion) estimated earlier.
The Congress said it would launch a major program to install solar panels connected to tube wells to generate energy and promote solar-powered engines for tapping groundwater for agriculture.
“We will promote green energy. We will implement renewable energy schemes that will make the panchayats or municipality self-sufficient in electricity as far as possible. We will promote solar-powered engines for tapping groundwater for agriculture,” the Congress manifesto said.
It also promised to incentivize panchayats to establish and maintain solar grids to generate power for common purposes and create jobs at the panchayat level.

BJP, Congress Bet Big on Renewables in 2024 Election Manifestos

The fledgling energy storage industry is rapidly gaining momentum in the domestic as well as the international markets. Realizing the importance of energy storage, an increasing number of players are now entering the sector. The global battery storage sector attracted corporate funding worth $299 million in 12 deals during the first quarter (Q1) of 2018. This was a considerable leap when compared to the $154 million raised in six deals in the preceding quarter of Q4 2017.
Approximately $80 million was raised in 10 deals in Q1 2017, making Q1 of 2018 a remarkable quarter for the sector in a year-over-year (YoY) comparison.
The findings were revealed in Mercom Capital Group’s <a href="http://store.mercom.mercomcapital.com/product/q1-2018-battery-storage-smart-grid-and-efficiency-funding-and-ma-report/" target="_blank" rel="noopener">newly released report</a> on battery storage, smart grid, and efficiency.
Venture capital (VC) funding (including private equity and corporate venture capital) raised by battery storage companies in Q1 2018 jumped to $299 million in 12 deals from $151 million in five deals in Q4 2017 due to some large deals in the quarter. Year-over-year, the funding was significantly higher compared to the $58 million raised in eight deals in Q1 2017.
<a href="https://mercomindia.com/wp-content/uploads/2018/04/capi.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-9808" src="https://mercomindia.com/wp-content/uploads/2018/04/capi.png" alt="Funding in Global Battery Storage Sector Surges to $299 Million in Q1 of 2018" width="553" height="343" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2018/04/capi.png 553w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2018/04/capi-300x186.png 300w" sizes="(max-width: 553px) 100vw, 553px" /></a>
Energy Efficiency
Corporate funding in energy efficiency came to $104 million in Q1 2018 in five deals compared to $916 million in 14 deals in Q4 2017. In a YoY comparison, $514 million was raised in 17 deals in Q1 2017.
VC funding raised by energy efficiency companies in Q1 2018 remained steady at $98 million in four deals compared to $95 million in 10 deals in Q4 2017. However, if we compare the figures YoY, the Q1 of 2018 failed to catch up with the $213 million raised in 14 deals in Q1 2017.
Debt and public market financing for efficiency companies fell to $6 million in one deal this quarter compared to $621 million in three deals in Q4 2017.
Smart Grid
Corporate funding in smart grid companies came to $1.3 billion in nine deals compared to the preceding quarter in which $796 million was raised. In a YoY comparison, $164 million was raised in 14 deals in Q1 2017.
VC funding for smart grid companies increased 79 percent in Q1 2018 with $75 million in seven deals compared to $42 million in nine deals in Q4 2017. In a YoY comparison, in Q1 2017 $164 million was raised in 14 deals.
One notable VC funded smart grid deal was an Indian company Husk Power Systems receiving an <a href="https://mercomindia.com/husk-power-systems-receives-20-million/">equity investment</a> of $20 million to expand its renewable mini-grid business in Africa and Asia. Husk Power Systems was founded in 2008 and kickstarted the much-needed rural electrification in India’s energy deficient state of Bihar through off-grid power generation and distribution solution.
India is on the cusp of a revolution in <a href="https://mercomindia.com/energy-storage-industry-buoyant/" target="_blank" rel="noopener">energy storage</a>, according to key industry players. At the recently-held 5th Energy Storage India Conference held in New Delhi, the overall mood of the industry was optimistic of a coming boom in the country’s battery energy storage market.
The Minister for Power, R.K. Singh, recently chaired a meeting with <a href="https://mercomindia.com/govt-meets-battery-manufacturers/" target="_blank" rel="noopener">battery manufacturers</a> in New Delhi to discuss the creation of an ecosystem for incentivizing battery manufacturing in India. Singh encouraged the industry to set up battery manufacturing units in India as future demand is going to be very high largely due to the government’s promotion of the deployment of electric vehicles (EVs) across the country.
Learn more about Mercom’s comprehensive report and download a free executive summary by visiting: <a href="http://bit.ly/MercomSGQ12018">http://bit.ly/MercomSGQ12018</a>
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Funding in Global Battery Storage Sector Surges to $299 Million in Q1 of 2018

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