Government launches £265m funding for “next generation” of renewable energy
The government has today announced that it is launching the biggest ever funding round of its renewable energy scheme.
Contracts for Difference (CfD), a government sustainability scheme, is launching its fourth round, which will see £265m per year provided to businesses specialising in renewable energy.
The scheme is designed to encourage investment in low-carbon electricity by providing developers with upfront costs.
The funding announced today includes £200m to support offshore wind projects, namely wind farms, with an additional £55m available for supporting emerging renewable technologies.
Today’s announcement also includes a £10m provision for established technologies, such as onshore wind and solar power.
Anne-Marie Trevelyan, energy minister, commented: “The Contracts for Difference scheme has helped the UK become a world leader in clean electricity generation and lowered prices for consumers.
“The new plans set out today deliver on the Prime Minister’s Ten Point Plan and will support the next generation of renewable electricity projects needed to power our homes and meet our world-leading climate change targets.”