BOSTON, Mass. (AP) — The Department of Energy has made a conditional commitment for a $150 million loan guarantee for the proposed Cape Wind energy project, off the coast of Cape Cod.
In a statement Tuesday, the DOE says the conditional commitment is the first step toward issuing a loan guarantee for the proposed facility, which would be the first commercial-scale offshore wind facility in the U.S., capable of producing more than 360 megawatts of energy. Sen. Edward J. Markey says the funding could “help Massachusetts make energy history.”
Plans are for more than 100 turbines that would provide most of the electricity needed for Cape Cod, Nantucket and Martha’s Vineyard. The project’s cost is at least $2 billion. The DOE would among a group of public and private lenders.