Cape Wind completed financing for its long-delayed 468-megawatt offshore wind farm that will supply electricity to Northeast Utilities and expects to start construction of the project in federal water off Cape Cod, Massachusetts, by the end of the year, Reuters reports.
Cape Wind said in a statement it selected Bank of Tokyo-Mitsubishi UFJ, a unit of Japanese bank holding company Mitsubishi UFJ Financial Group, as its coordinating lead arranger of the commercial bank portion of the debt financing for the project.
The wind farm has been in development since 2001. Cape Wind has said some turbines could be in service in 2015.
Energy experts have said it will cost about $2.6 billion to build the wind farm.
Cape Wind has sold 77.5 percent of its power output in long-term power purchase agreements to the Massachusetts unit of National Grid Plc and NU’s NSTAR unit, the two largest power companies in Massachusetts.
