NewEnergyNews: FEDS GIVE CAPE WIND $150 MIL LOAN BACKING

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    Thursday, July 03, 2014

    FEDS GIVE CAPE WIND $150 MIL LOAN BACKING

    Cape Wind Obtains DOE Loan Guarantee To Support Offshore Wind Project Construction

    July 1, 2014 (North American Windpower)

    “…[T]he U.S. Department of Energy (DOE) said it would conditionally issue Cape Wind Associates LLC a $150 million loan guarantee that will help support the construction of the proposed 468 MW offshore wind project, located off the coast of Nantucket Sound…Including the conditional commitment, Cape Wind has raised $1.45 billion - more than half of the estimated cost that it need to build the project…[T]he key takeaway is that the project has passed more than two years of federal scrutiny and that the DOE has deemed it an ‘exceptionally sound project.’ …[The DOE] would be part of a group of public and private lenders. This co-lending arrangement will help build private -sector experience with offshore wind projects in the U.S. while reducing taxpayer exposure…A loan guarantee - through which the federal government covers a borrower's debt obligation in the event that the borrower defaults - has been a critical tool for wind developers to obtain financing…” click here for more

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