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UK to provide £557m funding for new renewable energy projects

EBR Staff Writer Published 12 October 2017

The UK Government has announced new funding worth up to £557m for the next round of renewable energy auctions, scheduled to take place in spring 2019.

The funding is planned to be made available to less established renewable technologies through Contracts for Difference (CfD) auction.

UK Energy Minister Richard Harrington said that the announcement is as part of the government’s Clean Growth Strategy, which aims to boost economic growth.

Harrington added: “The government’s Clean Growth Strategy will set out how the whole of the UK can benefit from the global move to a low carbon economy.

“We’ve shown beyond doubt that renewable energy projects are an effective way to cut our emissions, while creating thousands of good jobs and attracting billions of pounds worth of investment.”

In the most recent CfD auction, which ended last month, the cost of new offshore wind power had dropped by 50% compared to the first tender round held in 2015. This resulted in more than 3GW of new generation, enough electricity to power 3.6 million homes

Scottish Secretary David Mundell said: “This UK government investment is vital in realising the potential of less established renewable technologies, as well as providing Scottish jobs in the projects supported.

“Clean Growth is at the heart of the Industrial Strategy, and the UK government is determined to unlock opportunities across the UK, while cutting carbon emissions as the world moves to towards a low carbon future.”

The government’s Clean Growth Strategy, which is planned to be published in near future, will include proposals on reducing emissions from housing, business, transport and the power sector.

Image: Construction of an offshore wind farm. Photo: © Crown copyright.