The board of directors of Danish export credit agency EKF has approved a $600 million loan to the 468 MW Cape Wind offshore project, being developed off the coast of Nantucket Island in the U.S. Cape Wind President Jim Gordon made the announcement at a conference in Boston on Wednesday.
‘EKF is a very knowledgeable and experienced investor in the offshore wind industry, and they recognize that Cape Wind makes sense both economically and environmentally,’ said Gordon. ‘Moving Cape Wind forward will help further diversify New England's electric generation portfolio.’
The loan remains subject to final completion of documents and due diligence. EKF, which has backed a number of European offshore wind farms, is not the first Danish investor to help finance Cape Wind: Last year, PensionDanmark announced a $200 million investment in the project.
This latest announcement follows several others that suggest the Cape Wind project is pushing ahead. In December 2013, Cape Wind entered a deal with Siemens for 130 3.6-MW offshore wind turbines, and earlier this month, Bladt Industries and EEW Special Pipe Constructions GmbH signed on to supply foundations for the project. In addition, Cape Wind recently hailed a legal victory against project opponents.