Innovative and pumped storage will soon be RE-integrated

According to Neelav, general manager and head of market management at ANDRITZ, the recently announced green hydrogen policy and increased emphasis on creative storage solutions are other steps toward obtaining green hydrogen from green energy, which is none other than non-fossil fuel-based renewable energy.
India’s capacity expansion in renewable energy is now on a trajectory. The country has reached approximately 166 GW as of November 2022, though the goal of achieving 175 GW by the end of 2022 was not met, despite good progress. Initiatives taken by the Government of India regarding the same are well appreciated as they globally lead towards attaining a net-zero situation by 2070.
The domestic renewable energy market’s interest rates are 8–10 percent, whereas the western market has 3–4 percent. What steps must be taken to reduce interest rates? 
To increase project viability, steps are being taken by introducing a viability gap funding mechanism, budgetary support for infrastructure works, and staggered free power to states. Reducing clearance-obtaining downtime is necessary and introducing attractive incentives and subsidies for project developers to decrease interest rates.
What beneficial improvements are occurring under India’s green energy corridor to address the challenges associated with conventional energy?
We are constantly witnessing lower tariff bids for solar power projects. Moreover, off-grid solar solutions are also on the rise, which will eventually help the country achieve 24×7 power for all, including rural areas. Job creation is occurring due to this. The Make in India and Invest India policies promulgate local manufacturing enhancements. The dependency on China, for once, will reduce in the coming years.
What challenges has the geopolitical situation created for our progress toward clean energy and a green economy?

How is regional growth providing possibilities and opening doors for new investments, products, solutions, and technology?
There is a nationwide shift toward introducing innovative storage solutions to mitigate grid instability from renewable energy. Recently, a focus shift has been seen towards pumped storage technology. Various central PSUs have floated tenders seeking heat-based storage. These are the indications that innovation is about to come. The recently announced green hydrogen policy is another step in obtaining green hydrogen from green energy, which is none other than non-fossil fuel-based renewable energy.
In addition, by 2023, we hope to have 100 GW of grid-connected solar power plants operational. So, where are we now?
India currently has a little over 62 GW of installed solar capacity. India needs to reopen and reduce the import duty on photovoltaic cells to reach its higher targets. The country needs more resources to ramp up its domestic production to meet large target additions.
(Disclaimer: The opinions and views mentioned in the article are those of the author only and do not reflect in any way, those of the organisation.)
For more details visit: https://www.andritz.com/hydro-en