In a bid to boost energy security, secure cheap power, and unlock economic growth across the country, the UK government has announced that it’s providing £1.5 billion in funding for clean energy projects.

Energy secretary Ed Milliband announced the record sum this morning, which has been increased by £500 million, representing an uplift of more than 50% on the budget previously set in March.

The renewable industry will now be able to bid for a share of the sizable funding through the government’s renewable auction, Contracts for Difference (CfD). Now in its sixth run, it provides developers with initial subsidies for clean electricity projects and with a built-in design to keep costs low for billpayers.

The funding helps successful bidders to accelerate the delivery of clean, cheap, low-carbon electricity generated through renewable energy technologies such as on and offshore wind turbines, offshore tidal, and solar panels.

The funding uplift also comes on the day of the first meeting of the Clean Energy Mission Board—to be chaired by the energy secretary and attended by ministers from across Whitehall—as part of plans for a mission-driven government. The board is set to meet to ensure a “relentless” focus on delivering the mission of clean power by 2030 and accelerating towards net zero.

Speaking on the announcement and the CfD scheme in general, energy minister Michael Shanks said: “It is our mission for the UK to be more energy secure and to do that we need more renewable energy projects connected to the grid and powering our homes.

“Increasing the budget by more than 50% will boost industry confidence to back clean energy, attracting cutting-edge clean technologies to Britain as we accelerate to a decarbonised power sector by 2030.”

Andrew Deeley, director of strategy and development at the Low Carbon Contracts Company, the government-owned company helping to facilitate CfD, added: “The increase in budget allowance acknowledges the critical role the Contracts for Difference plays in accelerating net zero.

“At LCCC we stand ready to work with new and existing generators to bring new renewable generation online.”

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Last week, the government launched Great British Energy in partnership with the Crown Estate, backed by £8.3 billion of new money, which is estimated to create up to 20-30GW of new offshore wind developments reaching seabed lease stage by 2030.

To get up to speed with the new publicly-owned energy generation company, read DIGIT’s breakdown of it here.