India mulls more sops to help offshore wind projects set sail

In response to the lack of bids for its inaugural offshore wind tender, the Indian government is contemplating increased financial incentives and policy measures to stimulate investment in the sector. Specifically, officials are considering raising the viability gap funding, currently set at ₹7,453 crore, to make offshore wind projects more attractive to investors. This initiative is crucial as India aims to harness its vast offshore wind potential of 70 GW, contributing to the ambitious target of achieving 500 GW of non-fossil fuel energy by 2030. The move reflects the government's commitment to renewable energy and its recognition of the challenges faced in attracting private investment in this area. Stakeholders believe that enhanced support could pave the way for a robust offshore wind market, essential for India's energy transition and sustainability goals.