Cape Wind Proceeds With Financing After Contract Approved
This article is for subscribers only.
Cape Wind Associates LLC, the developer of a 468-megawatt wind farm off the coast of Massachusetts, said regulators approved a power sales contract with utility Nstar, bringing the project one step closer to financing.
The Massachusetts Department of Public Utilities today approved the 15-year power purchase agreement for 129 megawatts of the offshore wind farm’s capacity, Cape Wind said in an e-mailed statement. The Boston-based developer has a separate deal with National Grid Plc for half of the project’s output that was upheld by the Massachusetts Supreme Judicial Court in December.