October 2, 2014
BOSTON (AP) - As it seeks investors, the Cape Wind offshore wind farm faces fast-approaching benchmarks that it must meet or risk missing out on hundreds of millions of dollars in critical funding for the oft-delayed project.
To qualify for a tax credit that would cover a major portion of its capital costs, the wind farm off the Massachusetts coast 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 from a Danish pension fund is conditioned on whether developers can finance the rest of the $2.6 billion project by year's end.
Cape Wind isn't discussing progress on construction, the tax credit or financing. But spokesman Mark Rodgers said the project remains on track and will be built.
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