Globe Staff July 01, 2014
The US government is promising to back the controversial Cape Wind project with $150 million, federal officials said, signaling a vote of confidence that the offshore wind farm will get built.
The support will come in the form of a loan guarantee from the Department of Energy. With this federal commitment, which still needs to be finalized, Cape Wind would have raised $1.45 billion, or nearly 60 percent of the estimated $2.5 billion it will take to build more than 100 turbines in Nantucket Sound.
“All of it has been coming together,” said Peter W. Davidson, executive director of the Energy Department’s Loan Programs Office. “It’s a great project, and we believe it will give birth to a very important industry.”