US places Cape Wind loan guarantee application 'on hold'

The developer of Cape Wind says that the US Energy Department (DOE) has placed “on hold” its application for a loan guarantee for what would be the first US utility-scale offshore wind farm.

Cape Wind Associates says it will continue seeking the DOE guarantee and declines to comment on how big a role it hopes government backing will play in the project's finance arrangements.

In a letter sent to Cape Wind Associates, DOE says that under its Section 1705 loan guarantee programme, remaining funds will be allocated to renewable energy projects whose applications are most advanced in its review process.

Cape Wind’s communications director Mark Rodgers says the agency notified the developer that its application cannot be completely processed by the 30 September deadline, and is Log in to read complete article.

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