Tuesday 1 July 2014

US offshore wind farm gets $150m boost

The first commercial-scale offshore wind project in the US has received a conditional $150 million loan guarantee from the Energy Department.

Under the proposed financing, the Department would be part of a group of public and private lenders for the project, which is said to have faced opposition for more than a decade.

Located off the coast of Cape Cod in Massachusetts, Cape Wind will have a capacity of more than 360MW when completed.

Massachusetts Governor Deval Patrick said: “Offshore wind will not only provide a new, clean source of energy for the United States, it will reduce American reliance on fossil fuel, mitigate climate change and jump start a new US industry that will create thousands of clean energy jobs.”