Draft funding norms out for offshore wind energy
viability gap funding (VGF) for 1,000 MW of offshore wind energy projects to be developed by the end of FY32 with an outlay of ₹6,853 crore.
The contracts for the projects--to be developed off the coast of Gujarat and Tamil Nadu--will be awarded through international competitive bidding by the ministry of new and renewable energy through the Solar Energy Corporation of India.
The outlay for the capacity addition was approved by the Cabinet in June. As per the proposed guidelines, the successful bidder or bidders will get to sign a power purchase agreement with a fixed tariff of ₹4.5 a unit for capacity in Gujarat and ₹4 a unit in Tamil Nadu. Bidders will be required to make technical and financial bids, and the lowest quoted VGF will get the highest capacity.
There will be a 'greenshoe' option as well for allocation of additional capacity of up to 50 MW, so that the total does not exceed 550 MW.
In the context of a tender, a greenshoe option is a provision that allows for additional power capacity to be procured through competitive bidding. The VGF plan for the offshore wind capacity is a part of the government's 100-day milestone. The scheme is a step towards implementation of the National Offshore Wind Energy Policy issued in 2015 to explore the potential within the exclusive economic zone of India.
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