In the latest development announced during the Spring Budget, the Chancellor has confirmed a budget of over £1 billion for the sixth Contracts for Difference (CfD) allocation round.
The CfD scheme provides renewable energy projects with a fixed price for the electricity they produce, stimulating investment in the UK.
This allocation aims to support renewable energy initiatives, with a notable portion of £800 million designated for offshore wind projects.
Energy Security Secretary Claire Coutinho said: “When it comes to renewables, we have a record to be proud of. In 2010, just 7% of our electricity came from renewables, this is now up to over 40%.
“We have the second largest renewables capacity in Europe, which is backed by £300 billion of investment since 2010, with £24 billion since September alone.”
