Renewable Energy: Finance
The question
To ask the Secretary of State for Energy Security and Net Zero, what steps he is taking to ensure the effectiveness of funding for renewable energy projects through the Contracts for Difference Allocation Round 7.
Answered by Michael Shanks
An initial budget of £900 million is available for fixed-bottom offshore wind in Allocation Round 7, which is the largest ever initial budget for OFW. The Government has the ability to view unsuccessful bids and adjust the budget later, if it is good value for consumers. The Government has also confirmed budgets of £180m for floating offshore wind projects, £295 million for established technologies such as solar PV and onshore wind, and £15 million for emerging technologies. We expect the budgets and competitive bidding to drive a value for money outcome for billpayers.
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