Massachusetts Negotiating Contract with National Grid - Critical for Financing Cape Wind. Press Release, Gov. Deval Patrick, December 2, 2009. "Governor Deval Patrick announced on Wednesday that National Grid and Cape Wind have agreed to enter into negotiations for a long-term contract under which the utility would purchase the electricity generated by Cape Wind. Such a Power Purchase Agreement will be a critical requirement for financing the proposed wind farm in Nantucket Sound, and getting it into construction and operation in time to qualify for federal incentives under the American Recovery and Reinvestment Act that would reduce the cost of the project by 30%. 'For both reducing greenhouse gas emissions and launching the offshore wind industry that will achieve those reductions, it is essential for Cape Wind, like offshore wind in general, to move from wishful thinking to reality,' said Governor Patrick. 'A contract with an electric distribution utility like National Grid will move Cape Wind one step closer to reality.' Governor Patrick noted that this is a major milestone for what is expected to be the first offshore wind project in the United States."
2009-12-04
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