Funding will be provided for at least eight communities to manage sustainable energy resources such as hydroelectric plants, wind farms and biomass schemes.
EMDA has joined forces with Energy4All to establish the co-operatives. At least eight will be funded if interest is shown.
The Fenland Green Power Co-operative in south Lincolnshire is already in operation. Its wind farm consists of eight turbines that will produce clean electricity for more than 2,000 homes over the next 23 years.
EMDA deputy chief executive Abby Johnson said: "We aim to give communities ownership of sustainable energy production on a scale never achieved before."