Agreement Could Mean Financing For Wind Farm
Gov. Deval Patrick announced today that National Grid and Cape Wind have opened negotiations for a long-term contract that would allow the utility company to purchase electricity generated by the massive, offshore wind turbine project.
The impending agreement is a necessary step to finance the proposed wind farm in Nantucket Sound. That financing would allow construction to begin early enough that the wind farm could be completed and operational in time to qualify for federal incentives under the American Recovery and Reinvestment Act. Those incentives would reduce the cost of the project by 30 percent.
The power purchase arrangement is subject to state regulatory review. If all goes according to plan, the Nantucket Sound wind farm could become the first offshore wind project in the United States, Patrick said.
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