Govt May Raise Offshore Wind VGF Outlay to Boost 500 GW Target

The government is considering increasing the ₹7,543 crore Viability Gap Funding (VGF) outlay to accelerate offshore wind energy development. The move supports India’s goal of achieving 500 GW non-fossil fuel capacity by 2030. The World Bank and KPMG have been tasked to assess funding needs and suggest ways to attract investors. Officials noted offshore wind projects involve higher costs, requiring enhanced VGF support. In June 2024, the Centre had approved VGF for 1 GW offshore wind projects in Gujarat and Tamil Nadu, along with port upgrades. #RenewableEnergy #OffshoreWind #VGF #GreenEnergy #IndiaEnergy