Generators representing more than 90% of the second Contracts for Difference (CfD) allocation round have passed the ‘Milestone Requirement’ stage.
The Milestone Requirement must be met within a year of the CfD being signed – it requires a generator to demonstrate their commitment to delivering the project by either incurring actual spend equal to a tenth of the expected total or by proving financing and contracts are in place.
The CFD projects that have recently passed their Milestone Requirement include the 860MW Triton Knoll Offshore Wind Farm, the 1.4GW Hornsea Project 2 Wind Farm, as well as a number of biomass and Advanced Conversion Technology gas projects.
The Low Carbon Contracts Company (LCCC) has congratulated these firms and suggested the wide success shows the CfD continues to be successful in securing investment into new build clean power across the UK.
Two projects, the Grangemouth Renewable Energy Plant and Station Yard, have failed to make sufficient progress and have been cancelled, while a further three continue to be reviewed.