The Department of Energy (DOE) issued a conditional commitment for a $150 million loan guarantee for the Cape Wind offshore wind energy project.
The project would be the first commercial-scale offshore wind power facility in the U.S., with a capacity of more than 360-MW of clean energy off the coast of Cape Cod, Massachusetts.
“In just the last year, eight projects in the DOE’s Loan Programs Office have become fully operational, including one of the world’s largest operating photovoltaic (PV) solar power plants, the world’s largest concentrating solar power plant, and a vital Western transmission line,” said Secretary Ernest Moniz. “These innovative projects are delivering clean, renewable energy for American consumers today and are helping to diversify our energy portfolio. The Department’s loan guarantees have assisted the launch of new industries in the U.S., and today’s announcement of a conditional commitment to the Cape Wind project demonstrates our intent to help build a strong U.S. offshore wind industry.”
The project would utilize 3.6-MW offshore wind turbines and would provide power to the majority of Cape Cod, Nantucket and Martha’s Vineyard.
The DOE will continue to monitor the project’s development and work to reach a final agreement before closing the loan guarantee.
The DOE joins a group of public and private lenders.