The developers of the renewable energy in the United Kingdom are going to compete for the purpose of getting a share in a subsidy of 265 million pounds as the government of United Kingdom has been aiming to provide support to a record number of the projects in the energy industry through a subsidy scheme later in 2021.
Under this subsidy scheme, the developers of the offshore wind energy is going to compete for the contracts, which are worth around 200 million pounds a year, and the offshore solar and wind energy farms are also going to be in line for receiving their first subsidies in over 5 years.
Along with the 200 million pounds funding with the subsidy pot for the offshore wind energy farms, there is also going to be a future 55 million pounds of funds available for the emerging renewable technologies like the tidal power, and out of which 24 million pounds are going to be earmarked for the floating of the offshore wind energy farms.
The government of the United Kingdom is also going to be making the availability of 10 million pounds to the producers of the offshore solar and wind energy farms for the fist time since the government has decreased the subsidies in 2015.
Dan McGrail, chief executive of Renewable UK said, this subsidy scheme can possibly bring forward the private investment of around 20 billion pounds providing a boost to the jobs and supply chain of the United Kingdom, along with decreasing the energy bills and providing help to the country for meeting its climate target.
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