Government to provide Rs 6,800 crore in viability gap funding for offshore wind projects
The central government is going to announce the viability gap funding (VGF) of around Rs 6,800 crore to promote offshore wind projects. VGF will be provided to offshore wind projects with a total capacity of 1 gigawatt (GW).
As per the report, the Ministry of New and Renewable Energy (MNRE) gave approval for VGF for projects totaling 3 GW, but the finance ministry has given provisional approval for 1 GW capacity and funding of approximately Rs 6,800 crore.
Offshore wind power is a type of renewable energy that harnesses the wind's force at sea to generate electricity.
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