New Delhi [India], The Union Cabinet chaired by Prime Minister Narendra Modi has approved the Viability Gap Funding (VGF) scheme for offshore wind energy projects.
The announcement was made by Finance Minister Nirmala Sitharaman on Xx (formerly Twitter) on Wednesday, where she outlined the details of the scheme, which involves a total outlay of Rs 7453 crore.
Sitharaman posted, "The Union Cabinet chaired by Prime Minister Shri Narendra Modi today approved the Viability Gap Financing (VGF) Scheme for Offshore Wind Energy Projects with a total outlay of Rs 7453 crore, including an outlay of Rs 6853 crore." Is." “A grant of Rs 600 crore for setting up and commissioning of 1 GW offshore wind energy projects (500 MW each off the coast of Gujarat and Tamil Nadu), and upgradation of two ports to meet the logistics requirements for offshore wind energy projects.”
https://x.com/nsitharaman/status/1803466959998103614?t=4Xs38ecdg6sF-hGFtC6rsg& s=08 ]
The VGF scheme aims to support the installation and commissioning of 1 GW offshore wind power projects, with each project contributing 500 MW, off the coasts of Gujarat and Tamil Nadu.This initiative reflects the government's commitment to increase the country's renewable energy capabilities and reduce dependence on fossil fuels.
The scheme involves a dedicated outlay of Rs. Rs 6853 crore for setting up 1 GW offshore wind power capacity. It will be distributed equally between two projects with a capacity of 500 MW each located off the coasts of Gujarat and Tamil Nadu.
Additional Rs. Rs 600 crore has been allocated for the upgradation of two major ports.These upgrades are critical to meet the logistics and infrastructure needs associated with offshore wind energy projects, ensuring smooth operation and maintenance.
Gujarat and Tamil Nadu, both coastal states with significant wind potential, have been strategically selected for these projects. The installation of wind energy turbines on their coasts is expected to harness substantial wind energy, contribute to the national grid and support the energy needs of the regions.
The approval of this scheme is a major step towards achieving India's renewable energy goals. Offshore wind energy, which is characterized by higher and more consistent wind speeds, provides a more reliable source of electricity than onshore wind.Adding 1 GW to the renewable energy mix will significantly contribute to the country's target of achieving 175 GW of renewable energy capacity by 2022 and 450 GW by 2030.
Prime Minister Narendra Modi's administration has been vocal about the need to accelerate the shift towards renewable energy sources, aiming to establish India as a global leader in sustainable energy.
The VGF scheme is expected to promote innovation and technological advancement in the renewable energy sector, attracting both domestic and international investors.
The announcement was made by Finance Minister Nirmala Sitharaman on Xx (formerly Twitter) on Wednesday, where she outlined the details of the scheme, which involves a total outlay of Rs 7453 crore.
Sitharaman posted, "The Union Cabinet chaired by Prime Minister Shri Narendra Modi today approved the Viability Gap Financing (VGF) Scheme for Offshore Wind Energy Projects with a total outlay of Rs 7453 crore, including an outlay of Rs 6853 crore." Is." “A grant of Rs 600 crore for setting up and commissioning of 1 GW offshore wind energy projects (500 MW each off the coast of Gujarat and Tamil Nadu), and upgradation of two ports to meet the logistics requirements for offshore wind energy projects.”
https://x.com/nsitharaman/status/1803466959998103614?t=4Xs38ecdg6sF-hGFtC6rsg& s=08 ]
The VGF scheme aims to support the installation and commissioning of 1 GW offshore wind power projects, with each project contributing 500 MW, off the coasts of Gujarat and Tamil Nadu.This initiative reflects the government's commitment to increase the country's renewable energy capabilities and reduce dependence on fossil fuels.
The scheme involves a dedicated outlay of Rs. Rs 6853 crore for setting up 1 GW offshore wind power capacity. It will be distributed equally between two projects with a capacity of 500 MW each located off the coasts of Gujarat and Tamil Nadu.
Additional Rs. Rs 600 crore has been allocated for the upgradation of two major ports.These upgrades are critical to meet the logistics and infrastructure needs associated with offshore wind energy projects, ensuring smooth operation and maintenance.
Gujarat and Tamil Nadu, both coastal states with significant wind potential, have been strategically selected for these projects. The installation of wind energy turbines on their coasts is expected to harness substantial wind energy, contribute to the national grid and support the energy needs of the regions.
The approval of this scheme is a major step towards achieving India's renewable energy goals. Offshore wind energy, which is characterized by higher and more consistent wind speeds, provides a more reliable source of electricity than onshore wind.Adding 1 GW to the renewable energy mix will significantly contribute to the country's target of achieving 175 GW of renewable energy capacity by 2022 and 450 GW by 2030.
Prime Minister Narendra Modi's administration has been vocal about the need to accelerate the shift towards renewable energy sources, aiming to establish India as a global leader in sustainable energy.
The VGF scheme is expected to promote innovation and technological advancement in the renewable energy sector, attracting both domestic and international investors.
