India Turns to Offshore Renewables for Net-Zero Future

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Researched by Industrial Info Resources (Sugar Land, Texas)--As part of its effort to reach a "net-zero" carbon footprint by 2070, India is emphasizing offshore wind energy in its Interim Budget for 2024-25. The budget allocates "viability gap funding" of about US$1.5 billion to develop 1 gigawatt (GW) of capacity.

The Solar Energy Corporation of India (New Delhi) recently began inviting tenders for the allocation of sea-bed lease rights in the coastal region of Tamil Nadu. The scope of work outlined in the tender covers a comprehensive range of activities, from initial surveys and development to the design, financing, construction, commissioning, operation, maintenance and decommissioning of offshore wind power projects.

To smooth the integration of offshore wind into the national grid, the selected developer will be tasked with building the necessary transmission systems, establishing offshore substations, and ensuring long-term grid access.

Industrial Info is tracking 17 offshore wind-energy projects across India, totaling about US$48.4 billion of investment. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project and Plant databases can click here for a list of detailed project reports and click here for a list of related plant profiles.

Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).