The US Department of Energy (DOE) has issued a $150m loan guarantee, with a conditional commitment to Cape Wind Associates, to support the construction of the Cape Wind offshore wind energy project.
The project will provide more than 360MW of clean energy off the coast of Cape Cod, Massachusetts, US, and will be the first commercial-scale offshore wind facility in the US, if constructed.
Secretary Ernest Moniz said eight projects in the Department’s Loan Programs Office have become fully operational in 2013, including one of the world’s largest operating photovoltaic solar power plants and a vital Western transmission line.
"These innovative projects are delivering clean, renewable energy for American consumers today and are helping to diversify our energy portfolio," Moniz added.
"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."
Expected to create approximately 400 construction jobs and 50 operations jobs, the proposed Cape Wind project will feature 3.6MW offshore wind turbines capable providing majority of the electricity needed for Cape Cod, Nantucket and Martha’s Vineyard.
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By GlobalDataMassachusetts Governor Deval Patrick said, "The U.S. Department of Energy’s announcement today of a conditional commitment for a loan guarantee for Cape Wind is a significant step for this first-in-the-nation offshore wind energy project."
"Offshore wind will not only provide a new, clean source of energy for the United States, it will reduce American reliance on fossil fuel, mitigate climate change and jump start a new U.S. industry that will create thousands of clean energy jobs," Patrick added.
Prior to closing the loan guarantee, the US DoE will continue to monitor the development and work of the project to reach final agreement.
Image: US Department of Energy issues $150m loan guarantee for construction of Cape Wind offshore wind project. Photo: dan/Freedigitalphotos.net.
