Tag Archives: project faces Dec. 31 deadline

Cape Wind project faces Dec. 31 deadline

BOSTON (AP) — As it seeks investors, a project off the Massachusetts coast that aims to be the nation’s first offshore wind farm must reach fast-approaching benchmarks or risk missing out on hundreds of millions in critical funding. To qualify for a tax credit that would cover a major portion of its capital costs, Cape Wind either must begin construction by Dec. 31 or prove it’s incurred tens of millions of dollars in costs by then. Also, a $200 million investment — the only one of a specific dollar amount Cape Wind has announced — is conditioned on whether developers can fully finance the rest of the project by year’s end. [email protected] 20:35