Feds Make Financial Commitment to Cape Wind

windfarmThe federal government has made a large financial commitment to the Cape Wind project.

Department of Energy officials are issuing a $150 million loan guarantee for the proposed 130-turbine wind farm in Nantucket Sound.

The federal funds will be combined with money from both public and private lenders to finance the $2 billion project.

Cape Wind officials lauded the promise of the loan.

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“Today’s announcement by the Department of Energy represents an important endorsement by the United States government of the environmental, economic and energy benefits that offshore wind will provide to our country,” Cape Wind President Jim Gordon said in a prepared statement.

“We appreciate Energy Secretary Moniz helping launch the American offshore wind industry, creating jobs and unleashing a new clean energy source for the nation,” the statement continued.

Cape Wind’s primary opponent, The Alliance to Protect Nantucket Sound also issued a statement.

The statement posted on the Alliance website stated, “Cape Wind’s conditional loan guarantee from the U.S. Department of Energy is too little, too late and a potential misuse of taxpayer dollars to guarantee a loan for a project that is dependent on foreign investments and foreign jobs.”