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In a significant move towards harnessing renewable energy sources, the Union Cabinet has given the green light to a ₹7,453 crore-Viability Gap Funding (VGF) scheme for offshore wind energy projects. This initiative, aimed at promoting sustainable energy practices, includes the installation and commissioning of 1 GW of offshore wind energy projects and the upgradation of two ports to meet logistics requirements.
The scheme, with an outlay of ₹6,853 crore dedicated to setting up 500 MW each off the coasts of Gujarat and Tamil Nadu, signifies India’s commitment to tapping into its vast offshore wind energy potential. Information and Broadcasting Minister Ashwini Vaishnaw highlighted the importance of this step, emphasizing that it aligns with the National Offshore Wind Energy Policy introduced in 2015.
One of the key aspects of this scheme is the VGF support provided by the government, which aims to reduce the cost of power from offshore wind projects, making them financially viable for purchase by Discoms (power distribution companies). This strategic move not only promotes cleaner energy alternatives but also contributes to India’s goal of achieving energy sustainability and reducing carbon emissions.
The Ministry of New and Renewable Energy will play a pivotal role as the nodal ministry, coordinating with various ministries and departments to ensure the smooth and successful implementation of the scheme. This holistic approach reflects the government’s commitment to promoting renewable energy and addressing the challenges posed by climate change.
The approval of this scheme marks a significant milestone in India’s journey towards becoming a global leader in renewable energy adoption and underscores the country’s efforts to transition towards a greener and more sustainable future.
Sources By Agencies
