New Opportunities Fund - Financing Renewable Energy in the UK

In 2000, the UK government announced a £260 million package for measures over 2001-2004 to stimulate renewable energy, comprising: £89 million towards capital grants to help develop offshore wind, energy crop power generation projects and small-scale biomass heating projects, through the New Opportunities Fund; grants for energy crops (short rotation coppice and miscanthus) of £ 2 million; an initial funding of £10 million to kick-start a major solar PV demonstration scheme; a further £100 million for new generation renewable energy technologies; and an expanded renewable energy research and development programme of £55.5 million. These measures are additional to the substantial boost for renewable energy coming from the renewables Obligation and exemption from the Climate Change Levy.

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