Mark Rodgers News

Cape Wind Secures $600M toward Mass. Wind Farm

Cape Wind said on Wednesday it has secured $600 million in financing for its proposed $2.5 billion wind power farm off the Massachusetts coast, and expects to have the rest locked up by the end of the third quarter. Danish state-owned export credit agency EKF approved the loan pending due diligence, Cape Wind President Jim Gordon said at a power industry conference in Boston. EKF is the project's biggest financial commitment to date. "EKF is a very knowledgeable and experienced investor in the offshore wind industry and they recognize that Cape Wind makes sense both economically and environmentally," Gordon said. The project would have the capacity to produce 468 megawatts of electricity, enough to power nearly a half-million homes.