Cape Wind Associates cleared another hurdle with the approval by the Massachusetts Department of Public Utilities (DPU) of the 15-year power purchase agreement with National Grid to buy Cape Wind's energy, capacity and renewable energy credits.
Cape Wind is planning a 468 MW wind farm consisting of 130 turbines in Horseshoe Shoal off the coast of Nantucket Sound, Mass.
Cape Wind, however, still needs to find a buyer for the other half of the project's output.
The company hopes to secure financing in the first half of next year and to begin construction by the end of 2011.
According to Cape Wind, the DPU decision culminates a comprehensive six-month review, including 13 days of evidentiary hearings with testimony from 15 witnesses, 1,362 exhibits and nearly 3,000 transcript pages.
Before Cape Wind can begin construction of the offshore wind project, the developer still needs to obtain approval from the U.S. Environmental Protection Agency and the U.S. Army Corps of Engineers.