The Department of Energy has announced the first step toward issuing a US$ 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 U.S., with a capacity of more than 360MW. The Department will continue to monitor the project’s development and work to reach final agreement before closing the loan guarantee. Under the proposed financing structure for the Cape Wind project, the Department would be part of a group of public and private lenders.