Thursday, February 26, 2015

Britain Awards Renewable Subsidy Contracts Worth $489 Million

The East Anglia ONE Offshore Wind-farm development will be located in the south of the zone 5 area and covers an area of approximately 300km2.  (Credit: Click to Enlarge.
Britain has awarded investment contracts worth more than 315 million pounds ($489 million) to 27 renewable energy projects in the first allocation round of its new contracts-for-difference (CfD) scheme.

The scheme gives renewable power generators certainty of a minimum electricity price over 15 years.  It will replace the Renewables Obligation, the main support mechanism for large-scale renewables projects, which runs out in 2017.

The projects awarded CfDs will deliver 1.1 gigawatts of power generation capacity in total and include two offshore wind farms, 15 onshore wind farms and five solar photovoltaic (PV) projects, the government's Department of Energy and Climate Change said in a statement.

"These projects could power 1.4 million homes, create thousands of green jobs and give a massive boost to home-grown energy while reducing our reliance on volatile foreign markets," Energy and Climate Change Secretary Ed Davey said.

Among the projects were Scottish Power Renewables' East Anglia One 714 megawatt (MW) offshore wind farm project, Mainstream Renewable Power's 450 MW Neart na Gaoithe offshore wind farm off the Scottish coast and three RWE Innogy onshore wind projects.
The next round of CfD auctions will be held in the autumn.

The government said funding for CfDs for renewables and carbon capture and storage technology could rise to more than 1 billion pounds per year by 2020/21.

Read more at Britain Awards Renewable Subsidy Contracts Worth $489 Million

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