India aims to capture 3% of Asia-Pacific offshore wind capacity in the next decade, says GWEC Global Offshore Wind. Report 2024 in the report. This is in line with the Indian government’s recently approved Viability Gap Financing (VGF) scheme, which underlines its commitment to renewable energy, particularly offshore wind projects. The Union Cabinet, headed by Prime Minister Narendra Modi, has fixed a cost of ₹ 37,453 ($0.89 billion) for setting up and commissioning 1 GW of offshore wind projects in Gujarat and Tamil Nadu.
This funding includes ₹600 crore ($0.06 billion) to upgrade two key ports to streamline logistics operations. Secretary, Ministry of New and Renewable Energy Bhupinder Singh Bhalla emphasized the government’s role in supporting offshore wind projects and noted that the VGF program will lay a strong foundation for the country’s offshore wind ecosystem. The aim of the plan is to exploit the potential of 37 GW of offshore wind through seabed lease competition.
Chairman of GWEC India Girish Tanti and Vice Chairman of Suzlon noted the significant growth of non-fossil energy capacity under PM Modi. He highlighted the VGF system as a critical step to expand the wind energy sector and build a strong value chain, job creation and environmental benefits. GWEC’s director of offshore wind strategy, Rebecca Williams, welcomed the approval of the VGF, saying it was a sign of India’s commitment to developing offshore wind. GWEC’s 2024 Offshore Wind Report shows that offshore wind can play a vital role in generating new jobs and investment in the energy sector..