The federal loan guarantee for the Cape Wind offshore wind farm is still being contemplated by the U.S. Department of Energy (DOE), the Cape Cod Times writes.
The U.S. Energy Secretary Ernest Moniz has confirmed that the case targeting a USD 500 million loan is “under active development”, but its outcome remains unknown.
However, the project developers have in the meantime been very successful in securing funding for the pioneering wind farm.
The USD 2.5 billion offshore wind project recently secured USD 600 million from the Danish Export Credit Agency (EKF). Last year, the pension fund PensionDanmark said that it was funding a conditional investment commitment of USD 200 million in the Cape Wind offshore project.
Cape Wind developers said that they expect to complete project financing and begin the construction phase by the end of the year.
Offshore WIND Staff, April 24, 2014