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India Revamps Offshore Wind Push After Tender Flop
20 Feb
Summary
- India is enhancing financial support for its offshore wind program.
- The first tender off Gujarat received no bids from investors.
- Government seeks World Bank and KPMG expertise for investment.
India is undertaking a major financial and policy overhaul to jumpstart its offshore wind energy sector. This move comes after the nation's inaugural tender for offshore wind projects off Gujarat's coast concluded without any bids. The government plans to bolster support for this capital-intensive industry, including a proposed increase to the existing ₹7,453 crore viability gap funding (VGF).
The Ministry of New and Renewable Energy (MNRE) has engaged the World Bank to evaluate additional financial requirements and risk-mitigation strategies essential for attracting private investment. Collaborations with the consultancy firm KPMG and the India-UK Offshore Wind Taskforce are also in progress. Meetings with representatives from Denmark, a leader in offshore wind, are scheduled to gather further insights.
