Cape Wind closer to financing project

Cape Wind  President Jim Gordon

Cape Wind President Jim Gordon

Cape Wind has signed a ‘term sheet’ to engage The Bank of Tokyo-Mitsubishi UFJ (BTMU) as its coordinating lead arranger of the commercial bank portion of total debt financing for the 468MW offshore wind farm.

BTMU is providing a “significant amount of debt capital” toward commercial bank financing for Cape Wind, which it will use to pay for project development and construction costs, Cape Wind says in a statement. It did not provide details.

A term sheet is a non-binding agreement detailing the basic terms and conditions under which an investment will be made.

"We have been impressed with Cape Wind's dedication and perseverance in moving this clean energy project through the regulatory and development process, and are glad to be able to assist this financing," says Log in to read complete article.

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