The UK has launched its third Contracts for Difference (CfD) round today.
The Department for Business, Energy and Industrial Strategy (BEIS) says it will offer £65 million to support up to 6GW of new renewable capacity, enough to power around 350,000 homes each year.
The CfD auctions aims to support investment in renewable and low carbon power and provide projects with a stable income.
The new round of funding is open to offshore wind and combined heat and power biomass.
Registration closes on the 18th of June and bid winners will start contributing power to the grid from 2023/24.
Around 10GW of renewable power projects have been awarded CfD contracts since 2015, with more than £490 million having been spent to date – the government says £557 million of annual support will be available for further CfD projects.
Energy and Clean Growth Minister Chris Skidmore said: “The UK is a world leader in renewable energy, with our low carbon sector supporting almost 400,000 green collar jobs.
We’re aiming for 70% of our electricity to come from low carbon sources by 2030 and the opening of today’s allocation round is an important step towards that goal.”