Cape Wind Loan Application Is On Hold

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The U.S. Department of Energy (DOE) has notified Cape Wind LLC that its application for a loan guarantee cannot be completely processed by the program's Sept. 30 deadline.

As a result, the application will be on hold until further resources can be made available to the loan guarantee program, according to Cape Wind, which has proposed a 130 turbine project off the coast of Cape Cod.

‘As a DOE loan guarantee would substantially reduce costs to Massachusetts electricity consumers, Cape Wind will continue to pursue the matter,’ says Mark Rodgers, communications director for Cape Wind. ‘Cape Wind intends to secure project financing expeditiously so that the United States does not fall even further behind Europe and China where governments have established offshore wind development as an important national priority worthy of support.’

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