DOE in a statement says its decision is the first step toward issuing a loan guarantee for the proposed 468MW facility, whose first stage will be 363.3MW.
The move will likely provide a decisive boost for a project first proposed 14 years ago. It would be located in Nantucket Sound south of Cape Cod, Massachusetts.
Under the proposed financing structure for the Cape Wind project, DOE would be part of a group of public and private lenders.
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