The U.K. government has launched an auction which will see developers of renewable energy compete for £290 million ($361 million) of contracts "to support the growth of clean energy in Britain."

The government said that the second Contracts for Difference auction would be won via a competitive process which would help drive down energy costs at the consumer end and also guarantee businesses "a certain price for the low-carbon electricity they produce over 15 years."

The auction process began on Monday, and is expected to wrap up by autumn, the government said, adding that there had been £52 billion of investment in renewable energy since 2010.

"This auction underlines that Britain is open for business to companies seeking to invest in low carbon energy," Jesse Norman, the energy minister, said in a statement.



"It is designed to deliver clean power to a million homes, create jobs in the energy industry and provide new supply chain opportunities, while reducing carbon emissions by some 2.5 million tonnes per year," he added.