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Exxon Mobil Corporation Message Board

  • bluecheese4u bluecheese4u Mar 21, 2013 12:11 PM Flag

    Cape Wind project secures financing through Japanese bank

    The developer of what could become the first offshore wind farm in the United States has announced an agreement with a Japanese bank to help finance the multibillion-dollar project.
    Cape Wind Associates called the term sheet agreement with Bank of Tokyo-Mitsubishi UFJ (BTMU) a "financing milestone" for the 468-megawatt, 130-turbine farm off the coast of Cape Cod, Mass.
    The agreement means BTMU will be providing a "significant amount" of debt financing for the project and will also arrange banks for the remaining commercial debt portion of the project, said Cape Wind spokesman Mark Rodgers. The specific amount of debt financing, which will help pay for development and construction costs, could not be disclosed. The company is also in discussions with equity investors, Rodgers said.
    Today's financing agreement is the first for a project that outside analysts have estimated will cost $2.6 billion.
    "Obtaining financing is one of the last steps to complete before proceeding with the construction of the project," said Cape Wind President Jim Gordon. "Together with BTMU, we are engaging a group of experienced financial institutions as our core banking group and look forward to completing the financing of America's first offshore wind farm, which will deliver significant environmental, energy and economic benefits to Massachusetts and the surrounding region."
    Cape Wind said it expects to complete project financing and begin construction by the end of the year, which would qualify it to receive an investment tax credit covering 30 percent of a project's costs. The ITC is set to expire in December...


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