Jim Gordon, president of developer Energy Management Inc. (EMI) on Wednesday announced that the board of Danish export credit agency EKF has approved a loan for up to $600m for the project.

The loan still requires due diligence and finalization of documentation.

Rodgers says that Cape Wind is focused on financing the 77.5% of 468MW of nameplate capacity for which it has long-term off-take agreements with regional electric utilities.