Why it filled so fast
Bidders queued ahead of the window with feasibility studies, GCC calculations and pre-filled portal entries. On a first-come-first-served basis the £230m sub-phase budget was committed quickly to fully eligible applications.
Demand vs budget
Demand exceeded the available budget by a wide margin [Salix]. Many fully eligible bids missed out purely on queue position.
What changed for Phase 4
For Phase 4, Salix replaced the first-come queue with a targeted-allocation model that ranks applications by Grant Carbon Cost and sorts them into tiers by sector, rather than time of submission [DESNZ].
Implications for Phase 5
If Phase 5 mirrors 3c on queue mechanics, the application must be pre-filled before open. If it inherits Phase 4 targeted-allocation mechanics, Grant Carbon Cost discipline is the binding edge.