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Fed funding in doubt, may be gone with Cape Wind 

Credit:  By Staff And Wire Reports, bostonherald.com 13 May 2011 ~~

Cape Wind’s bid for government loan backing has been put on hold, potentially removing a key source of financing for the controversial offshore renewable-energy project.

The U.S. Energy Department has decided to focus on applications that can be processed by Sept. 30, the expiration of the agency’s loan-guarantee program.

Experts say Cape Wind, the nation’s first offshore wind project, will have a harder time lining up financing without federal backing.

“As a DOE loan guarantee would substantially reduce costs to Massachusetts electricity consumers, Cape Wind will continue to pursue the matter,” developer Cape Wind Associates said in a statement to Bloomberg News.

The $2.6 billion project – which secured a final federal permit for its construction and operation plan last month, a decade after it was first proposed – calls for 130 turbines in Nantucket Sound.

The developer is still trying to find a buyer for half of the 468-megawatt Cape Wind’s power, with only National Grid on board.

Source:  By Staff And Wire Reports, bostonherald.com 13 May 2011

This article is the work of the source indicated. Any opinions expressed in it are not necessarily those of National Wind Watch.

The copyright of this article resides with the author or publisher indicated. As part of its noncommercial educational effort to present the environmental, social, scientific, and economic issues of large-scale wind power development to a global audience seeking such information, National Wind Watch endeavors to observe “fair use” as provided for in section 107 of U.S. Copyright Law and similar “fair dealing” provisions of the copyright laws of other nations. Send requests to excerpt, general inquiries, and comments via e-mail.

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