"BOSTON — Cape Wind, a massive wind farm proposed in Nantucket Sound, has been dealt a setback that threatens its finances and throws into doubt whether it will become the nation’s first such offshore project.
NStar and National Grid, the two largest utilities in Massachusetts, which had agreed to buy three-fourths of the wind farm’s power, said late Tuesday that they were canceling their contracts because Cape Wind had failed to meet a Dec. 31 deadline to complete financing and begin construction.
'Unfortunately, Cape Wind has missed these critical milestones,' NStar said in a statement. 'Additionally, Cape Wind has chosen not to exercise their right to post financial security in order to extend the contract deadlines. Therefore the contract is now terminated.'"
Katharine Q. Seelye reports for the New York Times January 7, 2015.
"Plan for Offshore Wind Farm in Nantucket Sound Hits a Snag"
Source: NY Times, 01/08/2015
