Earlier this month, electric utilities National Grid and NStar cancelled their 15-year PPAs for 77.5% of Cape Wind’s 468MW capacity, after EMI development arm Cape Wind Associates failed to meet a 31 December deadline to seal financing and start construction.

EMI opted not to post collateral to extend the contracts, invoking a force majeure provision to extend milestone dates, citing “extended, unprecedented and relentless litigation” by the Alliance to Protect Nantucket Sound, the project’s principal opponent.