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.



Trachte Inc._id1770
Latest Top Stories

Could New Desert Plan Spell The End Of California Wind Energy Development?

The California Wind Energy Association says it is disappointed with the draft Desert Renewable Energy Conservation Plan, which was recently released by state and federal agencies.


New U.S. House Bill Includes Wind PTC Extension

U.S. representatives have introduced the Bridge to a Clean Energy Future Act of 2014, which would extend the production tax credit (PTC) and other provisions through 2016.


Utility-Scale Wind And Solar Keep Getting Cheaper

A new study measures the levelized cost of energy from various technologies and suggests that the costs of utility-scale wind and solar power are catching up with those of traditional sources, even without subsidies.


The Song Remains The Same: Ontario Seeks More Science Before Lifting Offshore Ban

The Ontario government says the nearly four-year-old offshore wind moratorium will remain in place until the province fully understands the technology’s impact on the environment.


Why States Should Adopt A Renewable Portfolio Standard

A new study analyzes the potential benefits of state renewable energy mandates, as well as recommends what such policies should include.

Canwea_id1984
Renewable NRG_id1934
UnitedEquip_id1995
Future Energy_id2008