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UK pumps £220m into green and renewable economy

The UK Government has announced it will invest over £200 million on innovation centres focusing on green and renewable energy, and £20m into two clean technology funds.

By Renewable Energy Focus staff

Business Secretary Vince Cable has launched a competition to for an Offshore Renewable Energy technology and innovation centre focusing on wind, wave and tidal power, as the Government aims to spend over £200m over the next four years to establish a network of at least 6 centres.

Cable says: “In creating an offshore renewable energy technology and innovation centre we are taking the next step to transforming the UK into a low-carbon economy. There is a clear opportunity for the Government to support the UK’s offshore industry and this centre will be of great benefit to the sector and the economy.”

The Government will also invest £20m in two clean technology funds: Zouk Cleantech 2 and HG Capital Renewable Power Partners 2 as part of the £325m UK Innovation Investment Fund (UKIIF).

The funds will support companies working on:

  • Alternative energy generation;
  • Renewable energy infrastructure including wind farms;
  • Energy efficiency; and
  • Water treatment and conservation.

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