Offshore wind facility construction loan for 130 Massachusetts turbines
The Department of Energy has moved towards issuing a $150 million loan for an offshore wind project in Cape Cod, Massachusetts that would provide a majority of the electricity needed for the surrounding area.
The Energy Department announced the first step toward issuing a $150 million loan guarantee to support the construction of the Cape Wind offshore wind project with a conditional commitment to Cape Wind Associates LLC. If constructed, the project would be the first commercial-scale offshore wind facility in the United States, with a capacity of more than 360 MW off the coast of Cape Cod, Massachusetts.
The proposed Cape Wind project would use 130 3.6-megawatt offshore wind turbines that would provide a majority of the electricity needed for Cape Cod, Nantucket, and Martha’s Vineyard, and would create approximately 400 construction jobs and 50 operations jobs. Under the proposed financing structure for the Cape Wind project, the Department would be part of a group of public and private lenders.
U.S. Department of Energy
– Edited by CFE Media. See more Control Engineering energy and power stories.