Cape Cod Wind Farm Project Dealt Major Setback

Cape Cod Wind Farm Project Dealt Major Setback
Photo illustration courtesy Cape Wind.

Boston Globe: The Cape Wind plan was dealt a major setback Tuesday when 2 power companies that had agreed to buy energy from the Nantucket Sound wind farm terminated their contracts with the developers, raising questions about the future of the $2.5 billion offshore project.

National Grid and Northeast Utilities said Cape Wind had missed the Dec. 31 deadline contained in the 2012 contracts to obtain financing and begin construction, and chosen not to put up financial collateral to extend the deadline.

Read more about the power companies that have pulled out of the deal to buy energy from Cape Wind.