Cape Wind Associates said Monday that it has finalized a major deal with the German conglomerate Siemens AG to buy giant turbines, the offshore transformer, and maintenance services for its planned multibillion-dollar wind farm in Nantucket Sound. Now that Ted has departed, and Jf'nK is occupied with matters of state...
The agreement is one of the last major steps toward getting the 130-turbine wind farm built and running after 12 years of acrimonious debate over building such a project off the coast of Cape Cod. It could also prove key to securing hundreds of millions of dollars in federal investment tax credits, which are critical to Cape Wind financing the $2.5 billion project.
Tax credits? That's like a subsidy, right?
The federal government's energy investment tax credit is set to expire at the end of this year, and unless Congress renews it once lawmakers return to Washington after the holidays, only projects that have begun construction or incurred 5 percent of a project's total capital costs by the end of 2013 qualify.
However -
Audra Parker, president of the Alliance to Protect Nantucket Sound, one of the most vehement opponents of the Cape Wind project, said Gordon is "clearly having trouble" nailing down finances for Cape Wind.
On the other hand -
"This is a significant milestone for this project and we're excited about it," said Governor Deval Patrick, whose administration has pushed hard to get Cape Wind built. "Massachusetts will be a pioneer in the emerging offshore wind industry, which brings with it both clean energy and good jobs."