Mitsubishi to Arrange Financing for Cape Wind, Developer Says
Bank of Tokyo-Mitsubishi UFJ, a unit of Mitsubishi UFJ Financial Group Inc., will provide a “significant amount” of the debt financing needed to build Cape Wind Associates LLC’s 468-megawatt wind farm off the coast of Massachusetts.
The developer signed a term sheet to engage the bank, Boston-based Cape Wind said today in a statement. Construction is expected to begin in Nantucket Sound by the end of this year.
Barclays Plc is advising Cape Wind on raising the remaining financing. The project may cost about $2.6 billion and has power-purchase agreements with utilities Nstar and National Grid Plc (NG/) to buy about 78 percent of its output, according to data compiled by Bloomberg.
To contact the reporter on this story: Andrew Herndon in San Francisco at aherndon2@bloomberg.net
To contact the editor responsible for this story: Will Wade at wwade4@bloomberg.net
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