UK government has allotted £315m ($489m) to 27 renewable energy projects under the initial allocation round for its new contracts-for-difference (CfD) scheme.
The contract were awarded for projects including two offshore wind developments, 15 onshore wind projects and five solar facilities.
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The projects are expected to generate more than 2GW of renewable energy, with 1.1GW to be contributed by the two offshore wind projects alone.
Contracts for solar power developments have been low with five projects totalling 72MW.
UK Department of Energy and Climate Change (DECC) secretary Ed Davey said: "This world leading auction has delivered contracts for renewables projects right across the UK.
"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.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData"The auction has driven down prices and secured the best possible deal for this new clean, green energy."
The renewable contract auction has reduced prices by nearly 58% for each technology, DECC stated.
The projects are also expected to reduce CO2 emissions by four million tonnes.
