UKEF open to extend financing support for offshore wind energy projects

Representative Image

The UK Export Finance (UKEF) on Thursday said it was open to offer financial support for proposed offshore wind energy projects in India, a senior official said.

"We can finance the energy transition of Indian companies and entities. There are talks about some offshore wind projects. We are equipped to deal with them with our prior experience," UKEF India head Rahul Tabhane said, speaking at an event organised by the Bengal Chamber here.

The Indian government had earlier said bids for development of offshore wind energy projects in Tamil Nadu and Gujarat will shortly be invited. It has decided to bid out offshore wind energy blocks equivalent to a project capacity of 4 GW per year for a period of three years, starting this fiscal, as per reports.

Tabhane said the UKEF had extended financing support of euro 230 million for the Taiwan offshore wind energy project. He also said that in 2022, it provided financing of Rs 40,000 crore (euro 4 billion) to India.

The UK government-backed financing institution's funding focus remains on social, sustainable and clean energy projects, officials said.