Government approval has been granted for eight major renewable energy projects which are expected to create up to 8,500 new jobs, could help power approximately three million homes and generate up to £12billion worth of private investment.
The projects have been offered under Contracts for Difference (CfD), which form part of the government's Electricity Market Reform programme, an initiative aimed at encouraging investment in low-carbon electricity, and include offshore wind farms (including Liverpool Bay and off the Moray, Norfolk and Yorkshire coasts) and coal-powered to biomass conversations.
The eight contracts, once built, will contribute around 15TWh or 14% of the renewable electricity we expect to come forward by 2020, helping to put the UK well on the way to meeting the UK's renewable energy target. They will also reduce emissions by 10 MtCO2 per year compared to fossil fuel power generation.
UK Energy Secretary Ed Davey said that the contracts mark a new stage in Britain's green energy investment boom. "By themselves they will bring green jobs and growth across the UK, but they are a significant part of our efforts to give Britain cleaner and more secure energy."
"These are the first investments from our reforms to build the world's first low carbon electricity market - reforms which will see competition and markets attract tens of billions of pounds of vital energy investment whilst reducing the costs of clean energy to consumers."
There has been significant growth in renewable electricity sector with the renewables' share of total electricity generation more than doubling since 2010. The Government says it is supporting this continued growth through Electricity Market Reform and expects the UK to generate 30 per cent of its electricity from renewables by 2020.
The Department of Energy and Climate (Decc) expected the investment contracts for the successful projects would obtain parliamentary approval in May 2014, when they would take legal effect.
Zyda Law can make any of these infrastructure projects a reality. We support renewable energy projects and ultimately this work decreases our reliance on fossil fuels. Our work helps the UK to combat climate change.
Our renewable energy experience spans more than a decade and includes advising on Energy from Waste (including combined heat and power) developments and Wind Farm development proposals. We have also been approached in relation to a tidal power generation project.
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