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In a pivotal announcement throughout her interim Price range 2024 speech, Finance Minister Nirmala Sitharaman declared that the Indian authorities is ready to increase Viability Hole Funding (VGF) for the event of 1 gigawatt (GW) offshore wind vitality. This strategic transfer is a part of India’s overarching goal to ascertain 500 GW of renewable vitality capability by 2030. On this pursuit, the nation plans to harness its expansive shoreline, earmarking 10 GW for offshore wind capability.
The Finance Minister highlighted the plan to allocate VGF for 2 key websites off the coasts of Gujarat and Tamil Nadu. Whereas offshore wind initiatives supply heightened effectivity in energy era because of the absence of obstructions, the expertise concerned is intricate and expensive, warranting important help from the Central authorities.
In a current growth, the Indian authorities has invited bids for the event of 4 GW offshore wind vitality, divided into 4 blocks of 1 GW every. These bids, on an open entry foundation, will facilitate the creation of offshore wind energy initiatives off the coast of Tamil Nadu via worldwide aggressive bidding. In contrast to VGF-supported initiatives, these open entry bids require builders to ascertain 1 GW offshore wind vitality capability and immediately promote electrical energy to customers, predominantly high-tariff industries.
This initiative, overseen by the Photo voltaic Power Company of India (SECI), positions India as a worldwide chief in renewable vitality. With the benefits of offshore wind, together with the elimination of land constraints, larger Capability Utilization Perform (CUF), and elevated turbine efficiencies, the nation is poised to raise its renewable vitality journey to new heights. The bids, compliant with environmental clearances, signify a groundbreaking step in India’s dedication to sustainable vitality options.
