The Indian cabinet has authorized a finance scheme for offshore wind energy projects totaling 74.52 billion rupees ($893.60 million), according to a government statement released on Wednesday.

The initiative strives to make projects profitable and appealing to private investors. It involves finance for the installation and commissioning of two 500-megawatt offshore wind energy facilities off the coasts of Gujarat and 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,” stated the statement.

The combined 1 GW offshore wind energy projects in Gujarat and Tamil Nadu will generate approximately 3.72 billion units of renewable electricity per year, according to the announcement.