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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.

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