Some £251 million will help create "green collar jobs" and £87 million will go towards clean urban transport programmes.
Danuta Hubner, European Commissioner for regional policy, said the investment will be pivotal in "the EU's commitment to the fight against climate change".
He added: "Support for the green economy and the environment goes hand-in-hand with the Cohesion Policy's objective to deliver sustainable growth, jobs and competitiveness."
A joint energy consortium between Dong Energy, E.ON and Fred Olsen Renewables recently bid for the sole rights to exploit the renewable energy potential of the Crown Estate.
Click here to run an energy price comparison, and see if you could be paying less for your gas and electricity.