The Department of Energy has given a $150 million loan guarantee to what could end up being the first offshore wind farm built in the U.S.—the Cape Wind project slated for construction in the middle of Nantucket Sound.
While it’s certainly a nice chunk of money, Cape Wind had initially sought $500 million from the DOE. The loan is contingent on Cape Wind securing the total $2.6 billion in financing it needs. So far it has raised about half that.
