Cape Wind settles federal lawsuit with fishing group

In a statement, Cape Wind said the two had formed an agreement that will see the creation of a 'permit bank' to enable the purchase of fishing permits and promote locally caught salmon.

MVDCFA President Warren Doty said: "The establishment of the Martha’s Vineyard Permit Bank will help protect the livelihood of local fishermen and help ensure this vibrant fishery remains for future generations."

Cape Wind president Jim Gordon said, "Cape Wind and the Martha’s Vineyard Fishermen share the value of sustainability. Offshore clean energy can go hand in hand with a sustainable ocean ecosystem and sustainable fisheries.

"We see twenty years of studies in Europe that consistently show a beneficial artificial reef effect from the submerged foundations of offshore wind turbines and we expect the fishery on Horseshoe Shoal to improve."

After over nine years of wrangling, the Cape Wind project looks set to become the first US offshore wind farm. Last month, the company appointed a consortium to build the project.

The consortium is made up of Boston-based marine engineering firm Cashman Equipment Corp, Colorado civil engineering company Flatiron Construction Corp and Cal Dive International, an offshore energy construction specialist from Houston.