U.S. Signs Offshore Lease with Cape Wind. By Chris Barrett, Providence Business News, 10/6/10. “The construction of a wind farm in Nantucket Sound nudged closer to reality Wednesday [10/6/10] with the developer signing a lease with the federal government. Developer Cape Wind Associates inked the deal for 25 square miles of ocean space during a ceremony at an offshore wind conference sponsored by the American Wind Energy Association. Under the 28-year lease, Cape Wind will pay $88,278 in annual rent prior to the farm’s operation. Once the farm goes online, rent will range between 2% and 7% based on revenue from selling the electricity to the regional market. Plans call for the project to include 130 turbines producing an average of 182 megawatts, or enough to power more than 200,000 homes.
“The lease with the U.S. Department of Interior marked the first of its kind. ‘This is the beginning of a new era for our nation in offshore energy production,’ said Secretary of the Interior Ken Salazar. ‘Responsibly developing this clean, renewable, domestic resource will stimulate investment in cutting-edge technology, create good, solid jobs for American workers, and promote our nation’s competitiveness, security, and prosperity.’”
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