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Siemens signals Cape Wind funding offer

UNITED STATES: Siemens has said it is prepared to part-finance Cape Wind’s 468MW offshore project.

Cape Wind's meteorological tower, the only part of the project to be installed
Cape Wind's meteorological tower, the only part of the project to be installed

The project, which received federal approval in April last year, is still in the process of seeking finance. At the moment, it only has a PPA for 50% of its electricity output.

It received a setback last month when the Department of Energy shelved the Cape Wind’s application for a $2 billion loan guarantee.

Siemens chief financial officer Josef Kaeser, whose company is supplying the project’s turbines, said manufacturer was prepared to help.

Kaeser said Siemens had offered to provide debt and equity financing. "We’ve always made it clear that we are not only willing but also capable of helping support the whole project."

Siemens won the Cape Wind contract in March last year. At the time, the company also announced it would be locating an offshore facility in Boston.

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