Energy Department Offers Conditional Commitment to Cape Wind Offshore Wind Project
The Department of Energy (DOE) took 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. If constructed, the project would be the first commercial-scale offshore wind facility in the U.S., with a capacity of more than 360 MW of clean energy off the coast of Cape Cod, Massachusetts. The proposed Cape Wind project would use 3.6-MW offshore wind turbines that would provide a majority of the electricity needed for Cape Cod, Nantucket and Martha's Vineyard. Under the proposed financing structure for the Cape Wind project, the DOE would be part of a group of public and private lenders.