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HomeRenewablesAndrew BowieUK offers cash bonuses for green wind investments

UK offers cash bonuses for green wind investments

The UK Government has announced plans to support renewable energy supply chains by prompting offshore wind companies to adopt sustainable practices.

Companies will qualify for extra payments known as Sustainable Industry Rewards (SIRs) by demonstrating efforts to enhance sustainability and invest in the offshore wind supply chain.

These rewards will be available to offshore wind and floating offshore wind companies participating in Allocation Round 7 of the Contracts for Difference scheme, starting in 2025.

Eligible companies will compete in a competitive auction to ensure the best value for consumers.

Minister for Nuclear and Renewables Andrew Bowie said: “SIRs will enable offshore wind companies to kickstart the investments that will create an even stronger sector, boost our energy security and grow our economy.

“I look forward to their formal introduction, which will enhance our reputation as one of the most attractive places globally to invest in renewables.”

Nick Hibberd, Economics and Markets Policy Analyst, RenewableUK, said: “If SIRs are implemented in the right way, we can grow our offshore wind supply chain throughout the UK, supporting new manufacturing, job creation, technical innovation and investment in skills.

“This will enable us to build new projects faster, drive down costs even further, accelerate our transition to clean, low-cost power and strengthen Britian’s energy security significantly.”

Energy Live News
Energy Live News
This article first appeared on Energy Live News, an award winning news service. Their mission is to give you balanced news, analysis, commentary of energy from their dedicated team of quality journalists and production staff.
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