25 Jul '11, 1pm

Financing Offshore Wind Farms in the U.S.

Financing Offshore Wind Farms in the U.S.

In April, Secretary of the Interior Ken Salazar signed off on Cape Wind's construction and operations plan. Construction, however, has not yet begun. As of this writing, Cape Wind still needed to sign a power purchase agreement (PPA) for 50 percent of the project's output. A signed PPA will likely be needed to obtain financing. Even with signed PPAs for 100 percent of the power, obtaining financing will not be an easy process due to the offshore-specific risks involved with the project and the prospect of being a first-mover. With thousands of megawatts of proposed offshore wind projects in the U.S., billions of dollars will be needed to finance them. The question then arises, "where is the money going to come from?" At a high-level, there are two methods with which to finance offshore wind projects. The first is corporate finance or on-balance sheet financing. In this cas...

Full article: http://www.renewableenergyworld.com/rea/news/article/2011...

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