India Introduces VGF Program for Offshore Wind Projects
POWER & RENEWABLE ENERGY

India Introduces VGF Program for Offshore Wind Projects

India has unveiled a Viability Gap Funding (VGF) program aimed at accelerating the development of offshore wind projects in the country. The program is designed to incentivize private sector participation in offshore wind energy development, facilitating India's transition towards sustainable and renewable energy sources.

Under the VGF program, the government will provide financial support to eligible offshore wind projects to bridge the viability gap and attract investment. This initiative aims to address the challenges associated with high upfront costs and risks involved in offshore wind energy development, making such projects more financially attractive to developers and investors.

The introduction of the VGF program underscores India's commitment to expanding its renewable energy portfolio and achieving its ambitious clean energy targets. By incentivizing offshore wind projects, the government aims to harness the vast potential of India's coastal regions for clean energy generation while reducing dependence on fossil fuels and mitigating carbon emissions.

The VGF program is expected to unlock new opportunities for domestic and international players in the offshore wind sector, fostering innovation, technology transfer, and job creation in the renewable energy industry. It is also poised to contribute to India's efforts to enhance energy security, reduce air pollution, and mitigate the impacts of climate change.

Overall, the launch of the VGF program for offshore wind projects signifies a significant step towards accelerating India's transition to a sustainable energy future and promoting green growth in the country's renewable energy sector.

India has unveiled a Viability Gap Funding (VGF) program aimed at accelerating the development of offshore wind projects in the country. The program is designed to incentivize private sector participation in offshore wind energy development, facilitating India's transition towards sustainable and renewable energy sources. Under the VGF program, the government will provide financial support to eligible offshore wind projects to bridge the viability gap and attract investment. This initiative aims to address the challenges associated with high upfront costs and risks involved in offshore wind energy development, making such projects more financially attractive to developers and investors. The introduction of the VGF program underscores India's commitment to expanding its renewable energy portfolio and achieving its ambitious clean energy targets. By incentivizing offshore wind projects, the government aims to harness the vast potential of India's coastal regions for clean energy generation while reducing dependence on fossil fuels and mitigating carbon emissions. The VGF program is expected to unlock new opportunities for domestic and international players in the offshore wind sector, fostering innovation, technology transfer, and job creation in the renewable energy industry. It is also poised to contribute to India's efforts to enhance energy security, reduce air pollution, and mitigate the impacts of climate change. Overall, the launch of the VGF program for offshore wind projects signifies a significant step towards accelerating India's transition to a sustainable energy future and promoting green growth in the country's renewable energy sector.

Next Story
Infrastructure Energy

Centre suggests states to list power firms

Power Minister Manohar Lal urged states and union territories to consider listing their power generation, transmission, and distribution companies on stock exchanges to attract investment and improve operational efficiency. Addressing the media, after a conference of power ministers, Lal highlighted the need for increased capital inflows to meet India’s rising power demand, which has placed added strain on the sector. “With the growing power demand, there is a growing need for investment in the sector and improving operational efficiencies. States may identify and take up utilities for lis..

Next Story
Infrastructure Transport

Metro on backburner as Tricity set to get new e-buses circuit

To boost connectivity for the commuters of the Tricity, a new circuit-cum-network of electric buses (e-buses) is all set to come up that will cover Chandigarh, Panchkula, and Mohali. The move comes days after Union Minister for Housing and Urban Affairs Manohar Lal Khattar said that in Chandigarh the ridership is not according to the criteria set for operating a Metro. He had also said that the option of a pod taxi can also be explored as it will not impact the heritage of the Union Territory (UT).Officials stated that the e-buses decision intends to provide an eco-friendly public transportati..

Next Story
Infrastructure Energy

Rajasthan government plans to develop hi-tech city near Jaipur

On the lines of Gujarat International Finance Tech (GIFT) City and Hyderabad Information Technology and Engineering Consultancy (HITEC) City, Raj govt is gearing up to develop a "hi-tech city" close to Jaipur. Recently, Boston Consulting Group – a multinational consulting firm – gave a presentation on the concept of hi-tech cities, follwing which the state govt has started looking for suitable land on outskirts of Jaipur. "We are going to construct a hi-tech city on the outskirts of Jaipur. We are trying to ascertain the amount of land required for core areas of the city and for areas wh..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000