Cape Wind project marks major win with NStar deal
One of the largest Massachusetts utility companies has agreed to purchase a major portion of the renewable electricity generated at the major wind plant being developed off Cape Cod, according to The Associated Press.
The project has come up against some strong opposition, in part because of worries about the Cape Cod skyline but also because of the cost of the project. Many worried that the electricity rates offered by the wind plant would prove too high.
But concerns are easing now, with NStar and its parent company Northeast Utilities agreeing to purchase 27.5 percent of the energy from the project for 15 years. Combined with a deal with another Massachusetts utility company, National Grid, the project has now accounted for more than three-quarters of its output.
"I do think this agreement clearly shows the commitment this administration has for Cape Wind project specifically and the clean energy agenda in Massachusetts in general," Richard Sullivan, state secretary of energy and environmental affairs, told the AP.
Bloomberg reports that the deal could be enough to pull together the necessary financing to finally get the Cape Wind project going.