As part of a stimulus package for investment in energy, Chancellor George Osborne said today the new Green Investment Bank would make its first set of green investments in April 2012.
According to Treasury documents released after Mr Osborne’s speech in Parliament, five new centres for offshore renewable engineering would also be developed – but there were no details as to where these would be.
The government is also to provide £1billion to support the commercialisation of carbon capture and storage – funding already previously announced.
A pilot scheme based at Peterhead Power Station is considered a front-runner for a slice of the money after the collapse of a similar project at Longannet in Fife.
Earlier this month, the UK Government announced it will hold a new £20million competition to develop carbon capture and storage (CCS) technology.
Today’s announcements also included plans for the UK Government to take forward its Renewables Obligation Banding Review.
It would also be introducing its Renewable Heat Incentive and had plans for the Green Deal to support energy efficiency.