£25m in extra funding for the offshore wind industry!
The UK Government has announced they will increase the funding available to offshore wind, alongside some other less known technologies under the Contracts for Difference regime.
The DECC (Department of Energy and Climate Change) has allocated an extra £25 million starting in 2017 to ‘Pot 2 funding’ which also covers marine and some biomass in addition to offshore wind projects.
However, technologies such as onshore wind and solar will remain the same as previously funded at £50 million in the first year and then at £65 million in the following years.
The total Contracts for Difference spending will now be £50 million in 2015-16!
Ed Davey, the DECC secretary said:
"The high demand for contracts shows that we’re one of the top places for renewables investment, and the best place in the world for investing in offshore wind.”
For more information please click on the link below: