India to Invest $894 Million Toward Offshore Wind Energy

© Global Image Archive / Adobe Stock
© Global Image Archive / Adobe Stock

India's cabinet has approved funding program for offshore wind energy projects at a total cost of 74.52 billion rupees ($893.60 million), the government said in a statement on Wednesday.

India, one of the world's biggest emitters of greenhouse gases, is seeking to boost the use of cleaner fuel to cut its carbon emissions and has set a 2070 goal for net zero carbon emissions.

The program aims to ensure projects are viable and attractive to private investors. It includes funding for installation and commissioning of two offshore wind energy projects of 500 megawatts each off the coast of the western state of Gujarat and southern state of Tamil Nadu.

"This scheme will not only kick start the offshore wind energy development in India but also lead to creation of required ecosystem in the country to supplement its ocean based economic activities," the statement said.

The combined 1 GW offshore wind energy projects in Gujarat and Tamil Nadu will produce renewable electricity of about 3.72 billion units annually, the statement added.

($1 = 83.3930 Indian rupees)

(Reuters - Reporting by Shivam Patel in New Delhi; Editing by Sharon Singleton)

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