Cape Wind Getting $150 Million Energy Department Loan Guarantee

Cape Wind will receive the loan guarantee after securing the balance of an estimated $2.6 billion in project financing, with about a quarter of the funding coming from the sale of equity, said Peter Davidson, director of the department's loans program.  It would be the first utility-scale wind farm in U.S. waters.

The developer puts the rest of the deal together, lining up the rest of the debt capital and equity capital, Davidson said Monday in a telephone interview.  When they come back to get the loan guarantee at the end, we go through a checklist.  All the conditions have to be met.

The U.S. in 2010 awarded a lease to Cape Wind for an area 5 miles (8 kilometers) off Cape Cod that covers about 25 square miles.  EKF, Denmark's export credit agency, pledged a $600 million loan guarantee in February.

Cape Wind Getting $150 Million Energy Department Loan Guarantee