in News Departments > New & Noteworthy
print the content item

Cape Wind has signed a term sheet to engage The Bank of Tokyo-Mitsubishi UFJ (BTMU) as its coordinating lead arranger of the commercial bank portion of the total debt financing for the Cape Wind project, a 468 MW offshore wind farm planned for Nantucket Sound.

BTMU is providing a significant amount of debt capital toward the commercial bank financing for Cape Wind. The financing will be used to pay for the project's development and construction costs.

Cape Wind expects to complete project financing and begin construction on the wind farm by the end of the year.

"Obtaining financing is one of the last steps to complete before proceeding with the construction of the project," says Cape Wind President Jim Gordon. "Together with BTMU, we are engaging a group of experienced financial institutions as our core banking group and look forward to completing the financing of America's first offshore wind farm, which will deliver significant environmental, energy and economic benefits to Massachusetts and the surrounding region."

Barclays is Cape Wind's sole financial adviser and will continue to advise Cape Wind on raising the remaining financing needed.

Cape Wind has sold 77.5% of its power output through long-term power purchase agreements to National Grid and NSTAR.


Mortenson Construction_id2024

Trachte Inc._id1770
Latest Top Stories

Yahoo Inks Contract To Buy Kansas Wind Power

The Internet company plans to log in to the Alexander wind project, which is being built by community developer OwnEnergy.


Could Initial Offshore Wind Projects Crash New England's REC Market?

Some are concerned that the first offshore wind projects could negatively impact pricing of renewable energy credits (RECs) in New England.


Catching Up With The DOE's Down-Select Offshore Winners

The three recipients of key U.S. Department of Energy (DOE) funding provide updates on their offshore wind demonstration projects.


Texas Comptroller Attacks Wind Power, And Industry Fights Back

Texas Comptroller Susan Combs recently released a report calling for an end to wind power subsidies. The Wind Coalition has responded, saying the report is riddled with misinformation.


How To Mitigate Blade Issues And Costly Downtime

Routinely inspecting your turbine's blades can help identify problems early on, ultimately cutting down unscheduled maintenance costs.

Canwea_id1984
Renewable NRG_id1934