27 Mar '14, 6pm

Offshore Wind Updates: Cape Wind Financing, Deepwater Proposal, Massive UK Project Approvals

After recent wins in court , Cape Wind officially announced that it has secured an additional $600 million in financing with The Bank of Tokyo-Mitsubishi UFJ (BTMU). The bank secured two lead arrangers, Natixis and Rabobank, to help structure the financing to additional lenders. BTMU project finance director Takaki Sakai said there is significant additional “interest in Cape Wind among other commercial banks active in project financing,” and expects to complete commercial bank syndication soon. Combined with Danish credit export agency EKF’s $600 million and PensionDanmark’s $200 million pledges, the project will secure more than $1 billion in debt financing when all bank approvals are finalized, which is expected by the third quarter of this year, according to Cape Wind president Jim Gordon. Upon completion, the project is set to finally commence construction by the end o...

Full article: http://www.renewableenergyworld.com/rea/news/article/2014...

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