Cape Wind project gets $200M investment
BOSTON (AP) - A Danish pension fund has promised to invest $200 million in the Cape Wind energy project providing financing is closed by the end of the year.
The wind farm proposed for Nantucket Sound off the coast of Cape Cod is expected to cost at least $2 billion.
PensionDanmark has already invested in offshore wind farms in Europe, as well as several land-based wind farms in the U.S.
PensionDanmark Chief Executive Torben Moger Pedersen said the fund is "very comfortable with the risk associated with the project."
The fund is the second major investor in the project. In March, bank of Tokyo-Mitsubishi UFJ pledged to back the project, although the exact amount of the investment was not disclosed.
The developers plan to erect as many as 130 wind turbines.
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