The U.S. Department of Energy (DOE) recently announced the first step toward issuing a $150 million loan guarantee to support the construction of the Cape Wind offshore wind project with a conditional commitment to Cape Wind Associates, LLC. The project could be the first commercial-scale offshore wind facility in the United States, with a capacity of more than 360 megawatts (MW) of clean energy off the coast of Cape Cod, Massachusetts.

“(This) announcement of a conditional commitment to the Cape Wind project demonstrates our intent to help build a strong U.S. offshore wind industry,” said Energy Secretary Ernest Moniz.

The proposed Cape Wind project would use 3.6-MW offshore wind turbines that would provide a majority of the electricity needed for Cape Cod, Nantucket, and Martha’s Vineyard, and would create approximately 400 construction jobs and 50 operations jobs.

Under the proposed financing structure for the Cape Wind project, DOE would be part of a group of public and private lenders. This co-lending arrangement will help build private sector experience with offshore wind projects in the United States while reducing taxpayer exposure.

Read the full article: Energy Department Offers Conditional Commitment to Cape Wind Offshore Wind Generation Project