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Cape Wind, the beleagured offshore wind project proposed for Nantucket Sound, has inked a deal with National Grid to sell power to the Northeast utility.
The long-term pricing memorandum of understanding allows the 430-megawatt wind farm to solidify project financing, with the hopes that it can be constructed and placed into operation in time to qualify for stimulus grants.
“Today’s announcement is a demonstration of how the Patrick Administration’s vision and desire for a cleaner, more secure energy future will put Massachusetts at the forefront of the emerging offshore wind industry,” said Jim Gordon, president of Cape Wind, in a statement. “We look forward to working with National Grid to deliver Cape Wind’s energy, economic and environmental benefits to the region.”
Cape Wind has yet to receive all of the permits necessary to begin construction and the memorandum of understanding with National Grid is subject to state regulatory review.
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