UK Offers $482M for Renewables Projects
Low-carbon electricity projects will compete at auction for the contracts. The funds will be split between different types of technologies:
Established technologies such as onshore wind and solar will compete for up to $104 million in support, reflecting the fact that these technologies are already more competitive.
Less established technologies such as offshore wind and marine will share in up to $378 million to help them become as competitive as the more established low carbon generation sources.
The government says average annual investment in renewables has doubled since 2010 – with a record breaking $13 billion in 2013.
This budget is in addition to substantial amounts of support for renewables already being spent under existing schemes (the Renewables Obligation and small scale Feed in Tariffs) as well as on top of the funding for the eight projects awarded Investment Contracts in April 2014 under the FID Enabling for Renewables process.
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