The UK Government has confirmed 14th October as the launch date for the first allocation round of its new Contract for Difference (CfD) clean energy funding scheme.
Renewable developers have until 27th October this year to submit their applications for the first round of financing, which will guarantee a set price for the electricity produced.
DECC has issued a formal notice to kick-off the scheme, with the initial process expected to run through 31st March 2015.
Baroness Verma, Parliamentary Under Secretary of State for DECC said: “The first allocation round is not restricted to particular types of eligible generator or eligible generating station other than as provided or allowed by the Allocation Regulations.”
The Government believes the CfD scheme will encourage investors to commit to the UK renewable sector as well as drive competition.
DECC has handed out the contracts to eight renewable energy projects so far.