The country’s Press Information Bureau (PIB) said on 19 June that the ‘Union’ coalition cabinet led by prime minister Narendra Modi had approved funds of around INR 74 billion or around $890 million for the projects under the country’s ‘viability gap’ funding (VGF) scheme.
The funding aims to help India’s government pursue its target of awarding leases for 37GW of offshore wind capacity by the end of the decade under its national offshore wind energy policy.
“The VGF support from the government will reduce the cost of power from offshore wind projects and make them viable for purchase by [distribution companies],” the bureau stated.
“While the projects will be established by private developers selected through a transparent bidding process, the power excavation infrastructure, including the offshore substations, will be constructed by [state transmission company] Power Grid Corporation of India,” it added.
