Details of how to apply to take advantage of the upcoming Contracts for Difference scheme have been published by the Government.
In a document published by the Department of Energy and Climate Change, it outlines information on the form of support available and the qualification criteria.
This document is called Final Investment Decision Enabling for Renewables: Update 1: Invitation to Participate.
The Government aims of offer investment contracts to successful applicants in the autumn based on the draft strike prices and contract terms that will be published in the summer.
Energy and Climate Change Secretary Ed Davey said: “It’s vital that we get the economy moving again, and stimulating low carbon investment and the creation of green jobs is central to this.
“We want to give investors and project developers across low-carbon technologies as much certainty as we can, as early as we can.
“That’s why we are launching a process that will enable investment decisions to be taken before changes to the electricity market come into effect, ensuring that renewable electricity projects can get built, bringing investment and jobs.”
There are two phases to the process of receiving investment. The first is the application to participate and issue of status letters, and the second is investment contract allocation.
This also included qualification criteria, which will be applied in phase one. Successful applicants will receive a status letter, which will provide formal notice of the applicant’s involvement in Final Investment Decision Enabling for Renewables. In phase two, applicants can apply for an investment contract.
It is intended that the Contracts for Difference scheme will replace the existing Renewables Obligation scheme for new entrants by 2017.