Cape Wind secures $600m loan, developer says

http://www.bostonglobe.com/business/2014/02/26/cape-wind-says-has-secured-loan/7CnQlFOU6dQ2HlhL7s4olO/story.html

Cape Wind, the controversial offshore wind development, said Wednesday that it has taken another step in bringing the project to fruition, securing a major portion of the financing needed to build the $2.5 billion project in the middle of Nantucket Sound.

EKF, the Danish Export Credit Agency, recently approved a $600 million loan for the project, the largest investment to date, said Cape Wind president Jim Gordon. Gordon, who announced the loan at the Offshore Wind Power USA conference in Boston, called EKF “a very knowledgable and experienced investor in the offshore wind industry” whose participation in the financing would attract other lenders and investors.

Last year, EKF issued hundreds of millions in credit, financing, and guarantees to support more than a dozen wind projects around the world. In its most recent annual report, the firm called wind energy its largest investment sector.

“This [loan] is a major piece of the financing puzzle,” Gordon said. “The project is going to move forward because it’s critical to the energy and policy objectives of Massachusetts and our nation.”

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