The Massachusetts Department of Public Utilities (DPU) has approved the 15-year power purchase agreement (PPA) between utility NSTAR and Cape Wind, the 420 MW offshore wind project planned for Nantucket Sound.
The NSTAR PPA is for 27.5% of Cape Wind's power output. The DPU had already approved a PPA between National Grid and Cape Wind that accounts for 50% of the project's output.
"Taken together, these two PPAs provide Cape Wind with the critical mass to continue securing project financing," says Theodore Roosevelt IV, managing director of Barclays and Cape Wind's financial advisor.
"With this decision, Massachusetts electric consumers have secured an abundant, inexhaustible and clean energy resource that provides price stability and avoids all of the external costs of fossil fuels," remarks Jim Gordon, Cape Wind's president.
