Cape Wind can now finance 101 turbines with PPAs - Siemens

Siemens anticipates that Cape Wind will install 101 of its 3.6MW turbines in 2014, the number that developer Energy Management Inc. (EMI) can finance with 77.5% of the project’s planned 468MW nameplate capacity under long-term contract, a senior Siemens executive tells Recharge.

The turbine supply agreement calls for 130 turbines, but EMI has been unable to find another utility to buy the remaining 22.5%. Without a firm commitment for that amount, EMI will struggle to finance the balance of the project, bankers say.

Siemens has agreed to provide some financing, but the official says earlier press reports that it could finance the entire project were “totally inaccurate.” He declines to talk possible financing amounts, with both sides hoping to nail down a deal in the next three or four months.

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