The government has opened its fourth Contracts for Difference (CfD) round today.
The CfD auctions aim to support investment in renewable and low carbon power and provide projects with a stable income.
The new round of funding, which is open to offshore wind, tidal stream, floating offshore wind, solar and onshore wind will allocate £285 million a year to renewable energy projects
The scheme aims to support 12GW of new capacity – that is more renewable capacity than the previous three rounds combined.
Applicants will be able to submit the details of their projects until 14th January and the results of the auction will be expected to be revealed later in summer.
Business and Energy Secretary Kwasi Kwarteng said the new auction will solidify the UK’s roles as a world leader in renewable electricity and create new jobs across industries.
Mr Kwarteng added: “By generating more renewable energy in the UK, we can ensure greater energy independence by moving away from volatile global fossil fuel prices, all while driving down the cost of new energy.”
Energy and Climate Change Minister Greg Hands said: “The CfD scheme is proof that green and growth go hand-in-hand as it continues to be a key driver behind the world-leading renewable energy sector that is providing us with secure clean energy, creating jobs across the UK and opening investment and export opportunities.”