The Danish Export Credit Agency (EKF) is expected to soon approve a $600 million loan guarantee to US company Cape Wind to help it finance the construction of a $2.5 billion offshore windfarm in Massachusetts – the country’s first for nearly a decade.
Cape Wind’s windfarm, which will consist of 101 turbines and provide power to over 200,000 homes, aims to be in operation by 2016.
German and Japanese investment
EKF is not the only Danish investor. Copenhagen Infrastructure Partners, the conglomerate that manages PensionDanmark, has already pledged $200 million. The remaining investors are from the US, Germany and Japan. One of them, Siemens, will supply over a hundred 3.6MW turbines for the windfarm.
"EKF is a very knowledgeable and experienced investor in the offshore wind industry and they recognize that Cape Wind makes sense both economically and environmentally,” noted Jim Gordon, the owner of Boston-based Energy Management, the parent company of Cape Wind.
EKF’s loan is subject to a financial review.