Siemens, the supplier of turbines for Cape Wind, is in talks to finance the controversial offshore wind farm, which could be the first of its kind in the United States.
The project reached a breakthrough in November when the Massachusetts Department of Public Utilities approved it as a vendor for provider National Grid. Some environmentalists have protested the project, which would take up 25 square miles in Nantucket Sound.
The turbines would generate about 468 megawatts of power. Siemens, expecting a growth in the U.S. wind sector, has opened up an assembly plant for wind turbines in Hutchinson, Kan.
Wind power does not come cheap: The project is expected to cost about $2.43 billion, according to Bloomberg New Energy Finance. Because the project did not start construction before the end of the year, Cape Wind lost its chance at a 30 percent federal cash grant.
Siemens has reportedly offered to finance the project to ensure its own 130 turbines will be used.
“We have been in discussions to help finance debt and equity,” Siemens CEO Eric Spiegel told Bloomberg News. “We’d be willing to be a part if it’s required.”