285 Million pounds of renewable energy support program launched. Subscribe to Electric Vehicle News Bitesize Podcast for FREE!
The largest round of flagship renewable energy support in the history of the British government is open for applications today with 285 million pounds each year available for building the next generation of green energy projects in the UK.
Renewable energy projects across the UK can now bid for funding in the fourth round of the Contract for Difference (CfD) program, which aims to ensure 12GW of power capacity, more than the sum of the previous three rounds.
Compared with the previous round, this is open to more renewable energy technologies. Offshore wind energy, onshore wind energy, solar energy, tidal and floating offshore wind energy projects, etc. are all eligible to bid for funds during the auction process of the plan.
The design of this scheme resulted in a decrease in the unit price of offshore wind power by approximately 65% between the first round of allocation (AR) in 2015 and the third round of allocation in 2019.
Kwasi Kwarteng the Business and Energy Secretary said: “The largest renewable energy auction in history that we hold today will consolidate the UK’s position as the world leader in renewable electricity, while supporting the country’s new, future-oriented industries to create new jobs.”
The fourth round allocates 285 million pounds a year, of which 200 million pounds are used for offshore wind power, 75 million pounds are used for emerging technologies such as remote island wind, tidal current and floating offshore wind power, and 10 million pounds are used for offshore wind power. Used in mature technologies such as solar and onshore wind energy.
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