The UK government has unveiled its largest-ever funding allocation for renewable energy, earmarking over £1 billion for the upcoming auction.
The budget breakdown for Allocation Round 6 includes:
- £120 million for established technologies like onshore wind and solar.
- £105 million for emerging technologies such as floating offshore wind and geothermal, with a dedicated £10 million set aside for tidal energy for the second consecutive year.
- £800 million designated specifically for offshore wind projects.
The investment in offshore wind follows the government's decision to raise the maximum price for offshore wind and floating offshore wind in November. Additionally, the Chancellor has confirmed additional support for the UK's green industries, allocating an extra £120 million for the Green Industries Growth Accelerator. This injection brings the total funding for green initiatives to over £1 billion and aims to bolster advanced manufacturing within clean energy supply chains.
