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Cape Wind, the controversial offshore wind development, said Wednesday that it has taken another step in the bringing the project to fruition, securing a major portion of the financing needed to build the $2.5 billion project in the middle of Nantucket Sound.
EKF, the Danish Export Credit Agency, recently approved a $600 million loan for the project, the largest investment to date, said Cape Wind President Jim Gordon. Gordon, who announced the loan at Offshore Wind Power USA conference in Boston, called EKF “a knowledgable and experienced investor in the offshore wind industry” whose participation in the financing would attract other lenders and investors.
Last year, EKF issued hundreds of millions in credit, financing, and guarantees to support more than a dozen wind projects worldwide.