
The Department for Business, Energy & Industrial Strategy (BEIS) has invited renewable energy developers to compete for £290 million worth of contracts to support the growth of clean energy in Britain.
Contracts for Difference are won through a competitive process which drives down energy costs for consumers and guarantees companies a certain price for the low-carbon electricity they produce over 15 years. This scheme gives renewable energy companies the support and certainty they need to attract investment and get projects off the ground.
According to a statement from BEIS, the contracts made available today represent the first part of the government’s commitment to provide up to £730 million of annual support for renewable electricity projects over the course of this parliament.
The contracts are aimed at encouraging a cleaner, more flexible energy supply.
Energy Minister Jesse Norman said: “This auction underlines that Britain is open for business to companies seeking to invest in low carbon energy.
“It is designed to deliver clean power to a million homes, create jobs in the energy industry and provide new supply chain opportunities, while reducing carbon emissions by some 2.5 million tonnes per year.”