The Union Cabinet of India has approved a Viability Gap Funding (VGF) scheme. With a total outlay of Rs 7,453 crore for offshore wind energy projects.
“The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, today approved the Viability Gap Funding (VGF) scheme for offshore wind energy projects at a total outlay of Rs.7453 crore, including an outlay of Rs.6853 crore for installation and commissioning of 1 GW of offshore wind energy projects (500 MW each off the coast of Gujarat and Tamil Nadu), and grant of Rs.600 crore for upgradation of two ports to meet logistics requirements for offshore wind energy projects.” – FM Nirmala Sitharaman tweet on 10:06 PM · Jun 19, 2024.
The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, today approved the Viability Gap Funding (VGF) scheme for offshore wind energy projects at a total outlay of Rs.7453 crore, including an outlay of Rs.6853 crore for installation and commissioning of 1 GW of offshore… https://t.co/sXtAPX1sqO
— Nirmala Sitharaman (@nsitharaman) June 19, 2024
The VGF scheme aims to support the installation and commissioning of 1 GW (1000 MW) of offshore wind energy projects in India.
500 MW each will be set up off the coasts of Gujarat and Tamil Nadu. The scheme also includes Rs.600 crore for the upgradation of two ports to meet the logistical requirements of these projects.
The successful implementation of these projects is expected to generate a significant amount of renewable energy, reduce carbon emissions, and contribute to India’s clean energy goals.
Source: X