Cape Wind's Conditional Loan Guarantees and Commitments
Conditional loan guarantee - too little too late. July 1, 2014, it was reported that Cape Wind received a conditional loan guarantee from the U.S. Department of Energy. The developers originally requested a loan guarantee of nearly $2 billion, but received a guarantee for only $150 million, and they continue to lack the necessary financing needed for their $2.6 billion project. Alliance Statement
Pension Danmark issued a $200 million conditional commitment & represents less than 10% of project costs. More recently, the board of a Danish export credit agency has approved a $600 million conditional loan. Cape Wind's March 26 announcement adding Natixis and Rabobank as the project's Lead Arrangers is another incremental and conditional commitment that does little to change the numerous challenges Cape Wind continues to face.
Alliance Press Release, February 26, 2014; Alliance Press Release, March 26, 2014