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Cape Wind Project Suffers Financing Setback

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Cape Wind

(File)

BOSTON (AP) – Cape Wind’s attempt to win a Department of Energy loan guarantee has been placed “on hold” in a blow to efforts by the nation’s first offshore wind farm to secure financing.

The department said in a letter to Cape Wind this week that as the loan program’s September expiration date approached, it planned to focus on projects whose applications were further along.

On its website Friday, Cape Wind said it would still pursue the loan, because it would reduce costs for state electricity customers.

In February, Sen. John Kerry urged timely approval of Cape Wind’s application, saying it would “greatly help” Cape Wind win financing in a tough economy.

A Cape Wind spokesman said the company was pursuing all options and has a long history of securing financing for energy projects.

(© Copyright 2010 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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