Advertisement
UK markets closed
  • NIKKEI 225

    40,168.07
    -594.66 (-1.46%)
     
  • HANG SENG

    16,541.42
    +148.58 (+0.91%)
     
  • CRUDE OIL

    83.14
    +1.79 (+2.20%)
     
  • GOLD FUTURES

    2,242.00
    +29.30 (+1.32%)
     
  • DOW

    39,780.78
    +20.70 (+0.05%)
     
  • Bitcoin GBP

    56,106.09
    +1,668.54 (+3.07%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • NASDAQ Composite

    16,378.69
    -20.83 (-0.13%)
     
  • UK FTSE All Share

    4,338.05
    +12.12 (+0.28%)
     

Britain awards renewable subsidy contracts worth 315 mln stg

* First (Other OTC: FSTC - news) allocation round of contracts-for-difference scheme

* 27 renewables projects receive contracts

LONDON, Feb 26 (Reuters) - The British government 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, it said on Thursday.

The scheme gives renewable power generators certainty of a minimum electricity price over 15 years.

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

ADVERTISEMENT

"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 in a statement.

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 Infinergy's 177 MW onshore wind farm in Scotland.

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.

"The budget for the next allocation round will be confirmed later this year - 50 million pounds more has already been indicated for established technologies," it added. ($1 = 0.6441 pounds) (Reporting by Nina Chestney; editing by Susan Thomas)