Cape Wind Project in Massachusetts Faces Deadlines for Tax Credit

As it seeks investors, a project off the Massachusetts coast that aims to be the nation's first offshore wind farm must reach fast-approaching benchmarks or risk missing out on hundreds of millions in critical funding.

To qualify for a tax credit that would cover a major portion of its capital costs, Cape Wind either must begin construction by Dec. 31 or prove it's incurred tens of millions of dollars in costs by then.  Also, a $200 million investment — the only one of a specific dollar amount Cape Wind has announced — is conditioned on whether developers can fully finance the rest of the project by year's end.

With less than two months until the deadline, Cape Wind isn't publicly discussing financing efforts.  It also has yet to start on-site construction and isn't detailing how it can qualify for the tax credit, only that it expects to.

Cape Wind Project in Massachusetts Faces Deadlines for Tax Credit