Cape Wind

Name: Cape Wind
Address: US

Buildings and structures in Nantucket, MassachusettsMartha's VineyardNantucket, MassachusettsOffshore wind farms in the United StatesPolitical history of Massachusetts ... and 2 more

Proposed wind farms in the United StatesWind farms in Massachusetts

The Cape Wind Project was a proposed offshore wind energy project on Horseshoe Shoal in Nantucket Sound off Cape Cod, Massachusetts. It was projected to generate 1,500 gigawatt hours of electricity a year at a first-dollar cost of $2.6 billion. Cape Wind had arranged to borrow $2 billion from The Bank of Tokyo-Mitsubishi UFJ (BTMU), and Siemens had agreed to supply turbines for the project. Some construction began in 2013, thereby qualifying the project for the federal production tax credit, which was expiring at the end of the year. It was approved but then lost several key contracts and suffered several licensing and legislative setbacks. National Grid and Northeast Utilities eventually terminated their power purchase agreements in January 2015, making it difficult to obtain the necessary financing for the project to progress. The developer, Jim Gordon of Energy Management Inc., eventually terminated the lease rights for the site in late 2017.

Excerpt from the Wikipedia article Cape Wind (License: CC BY-SA 3.0, Authors).