UK government outlines new investment plan for renewable energy developers

The Final Investment Decision Enabling program is aimed at companies seeking to develop low carbon electricity projects.

The government stated that renewable energy developers can apply for support from the government to accelerate the commissioning of their projects.

Energy and Climate Change secretary Edward Davey stated that the move is part of governments plan to improve economy by creating green jobs through low carbon project investments.

"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, bring investment and jobs."

The government has also urged the developers to outline their respective investment plans before changes take effect in the electricity market.

As a part of Electricity Market Reform, the Contract for Difference regime is expected to be launched in the latter half of 2014.

The government has called in the companies to apply for Status Letters and investment contracts by 1 July 2013.

"The Government aims to 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," added a statement issued by the UK government.