Announcement of Viability Gap Funding for first Offshore Wind Projects in India

In a major step towards implementation of India’s National Offshore Wind Energy Policy, the Union Cabinet has approved the Viability Gap Funding (VGF) scheme for offshore wind energy projects to a total of of Rs.7453 crore, comprising 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 upgrading two ports to meet logistics requirements for offshore wind energy projects.

The full press release can be accessed here.