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Author Topic: Pioneering offshore wind project faces deadlines Back to Topics
mastermariner

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Texas

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Message Posted: Nov 30, 2013 12:14:37 PM

As it seeks investors, a project off the Massachusetts coast that aims to be the nation’s first offshore wind farm must reach fast-approaching benchmarks or risk missing out on hundreds of millions in critical funding.

To qualify for a tax credit that would cover a major portion of its capital costs, Cape Wind either must begin construction by Dec. 31 or prove it’s incurred tens of millions of dollars in costs by then.

Also, a $200 million investment — the only one of a specific dollar amount Cape Wind has announced — is conditioned on whether developers can fully finance the rest of the project by year’s end.

With less than two months until the deadline, Cape Wind isn’t publicly discussing financing efforts. It also has yet to start on-site construction and isn’t detailing how it can
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52MPG
Champion Author Dayton

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Message Posted: Dec 2, 2013 2:21:40 AM

"If the project doesn’t qualify for the credit, Cape Wind would be left to fill a huge financing hole. And under its deals with the utilities, failure to obtain the credit would increase the starting price of its power from 20 cents per kilowatt hour to 22.7 cents, with 3.5 percent annual increases"
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That is more than three times what I pay for electricity.
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oldmack
Champion Author Riverside

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Message Posted: Dec 2, 2013 2:01:30 AM

ok
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drobbbb
Champion Author Maryland

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Message Posted: Dec 1, 2013 9:04:02 PM

love how people cry about alternative energies taking there tax money and let big oil and gas rob you blind
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el_fr
Champion Author Massachusetts

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Message Posted: Dec 1, 2013 12:54:56 AM

Let a Cape Wind die
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dudleydog
All-Star Author New Hampshire

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Message Posted: Dec 1, 2013 12:01:39 AM

stop these credits, let projects stand on their own ROI numbers
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traffic cop
Champion Author Boston

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Message Posted: Nov 30, 2013 10:11:16 PM

Kill it. It will be subsidized with MY tax dollars and utility surcharges on MY electric bill. All so that the eco-zealots can feel good about themselves. I note that savvy investors like Warren Buffet aren't involved. They know there's a pig in the poke.
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montpelier28
Champion Author Vermont

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Message Posted: Nov 30, 2013 6:31:48 PM

we need to keep looking to the future and projects like this are the future.
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ktbaeohana
Champion Author Las Vegas

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Message Posted: Nov 30, 2013 6:29:31 PM

watch and see.
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mike56MI
Champion Author Michigan

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Message Posted: Nov 30, 2013 6:01:09 PM

OK
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dodsworth
Champion Author Salem

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Message Posted: Nov 30, 2013 5:26:52 PM

With any ambitious new endeavor, no matter how advantageous the end result, it's always hard. There are always obstacles. Wish them success.
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LostInNY
Champion Author New York

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Message Posted: Nov 30, 2013 4:09:35 PM

really ruin the view from the Cape, sigh...
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velichita
Champion Author New Jersey

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Message Posted: Nov 30, 2013 3:04:31 PM

Makes sense.
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thefrog31
Champion Author New York

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Message Posted: Nov 30, 2013 1:57:23 PM

It is too bad that this project is so big. If it were divided among several producers and one failed the others may still succeed.
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amoshins
Champion Author Trenton

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Message Posted: Nov 30, 2013 1:38:41 PM

what a shame
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Hilsgal
Champion Author Utah

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Message Posted: Nov 30, 2013 1:33:31 PM

Go with it
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djwhit
Champion Author Ohio

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Message Posted: Nov 30, 2013 1:29:42 PM

ABOUT TIME.......
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jakessoccermom
Sophomore Author Wisconsin

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Message Posted: Nov 30, 2013 1:28:04 PM

While I think wind projects are a good idea, they are still a very, very new innovation and some care should be given about construction and site approval. I think that with the $200 million investment already made that they should be given the extra time needed to find the appropriate financial backing to complete the project.
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nybearhunter
Champion Author New York

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Message Posted: Nov 30, 2013 1:14:11 PM

in time.
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