Earth Equity News

Cape Wind Developers Remain Hopeful, Despite 'Financing Crunch'. By Scott Melone, Reuters, July 27, 2009. "The Cape Wind project in 2001 became the country's first major proposed offshore wind farm. Its developers aim to construct 130 towers, which will tower 440 feet above the surface of the Nantucket Sound. To supporters, Cape Wind represents Massachusetts' chance to be a leader in clean energy. It would generate 420 megawatts of power, enough for 336,000 typical American homes. Opponents, including Democratic Senator Edward Kennedy, who has a home on the Cape, say the towers, 5 miles from shore, would be a risk to navigation and hurt tourism. Cape Wind's developers need one last major regulatory approval, from the U.S. Department of the Interior. Should they get it, they expect to have the project up and running in two years, which will require finding more than $1 billion. Jim Gordon, Cape Wind chief executive, said he believes investors will come through. 'There's no doubt that since last summer we have kind of fallen into a significant capital financing crunch,' he said. 'I'm confident that the Cape Wind project is going to be financed.'" See video that accompanies story.