In a move that could significantly boost India's offshore wind energy sector, the Union Budget for fiscal year 2024-2025 (FY25) is expected to propose a viability gap funding (VGF) scheme with an outlay of ₹6,000 crore.
The initial allocation is specifically aimed at supporting 1 GW of offshore wind capacity, two people familiar with the developments told Mint, adding that the ministry of new and renewable energy (MNRE) has sent a proposal to the finance ministry.
The renewable energy and finance ministries didn't immediately reply to queries on the funding proposal.
This proposed scheme aligns with the government's broader strategy for offshore wind projects, to be developed under three models. The first involves VGF for two 0.5 GW sites off the coasts of Gujarat and Tamil Nadu. The other models propose bidding processes for sites exclusivity during the survey periods, with or without seabed rights.
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