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Cape Wind loan application on hold  

Credit:  North American Windpower, Offshore Wind supplement, Summer 2011 ~~

The DOE has notified Cape Wind LLC that its application for a loan guarantee cannot be completely processed by the program’s Sept. 30 deadline.

As a result, the application will be on hold until further resources can be made available to the loan-guarantee program, according to Cape Wind, which has proposed a 130 turbine project off the coast of Cape Cod in Massachusetts.

“As a DOE loan guarantee would substantially reduce costs to Massachusetts electricity consumers, Cape Wind will continue to pursue the matter,” says Mark Rodgers, communications director for Cape Wind. “Cape Wind intends to secure project financing expeditiously so that the United States does not fall even further behind Europe and China, where governments have established offshore wind development as an important national priority worthy of support.”

In related news, NRG Bluewater Wind has delayed construction of a meteorological tower at its planned wind farm off the Delaware coast, according to a report in The News Journal (Del.), citing financial uncertainty due to the elimination of federal loan programs.

Congress recently eliminated two major loan-guarantee programs that have been critical to renewable energy projects, and the fate of the production tax credit – which is set to expire next year – is unknown.

NRG spokesperson Dave Gaier told The News Journal that these issues have “injected considerable uncertainty into the financing for and viability of all U.S. offshore wind projects.”

In turn, the company – while still committed to the project – is slowly and cautiously approaching the development, Gaier said.

[rest of article available at source]
Source:  North American Windpower, Offshore Wind supplement, Summer 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 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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