Cape Wind to wrap financing in Q3

Cape Wind chief executive Jim Gordon speaking at an earlier event.

Cape Wind chief executive Jim Gordon speaking at an earlier event.

Cape Wind expects to complete financing for the first US utility-scale offshore wind farm in the third quarter, which would allow project commissioning in 2016, spokesman Mark Rodgers tells Recharge.

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. The represents 101 of a planned 130 wind turbines that Siemens will supply.

The developer will not make public its cost estimate for a smaller Log in to read complete article.

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