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U.S. Gives Conditional Backing For Cape Wind

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Vincent Ting/ Getty Images

The Department of Energy has made a conditional commitment for a $150 million loan guarantee for the proposed Cape Wind energy project, off the coast of Cape Cod.

In a statement, the DOE says the conditional commitment is the first step toward issuing a loan guarantee for the proposed facility, which would be the first commercial-scale offshore wind facility in the U.S. capable of producing more than 360 megawatts of energy.

Se. Edward J. Markey says the funding could “help Massachusetts make energy history.”

{Plans are for more than 100 turbines that would provide most of the electricity needed for Cape Cod, Nantucket and Martha’s Vineyard.

The project’s cost is at least $2 billion. The DOE would be among a group of public and private lenders.

[Associated Press]

 

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