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Thu Feb 16, 2012, 11:17 AM

Cape Wind Project: Northeast Utilities And NStar Buy Stake In Offshore Wind Farm [View all]


BOSTON (AP) Energy companies Northeast Utilities and NStar have agreed to buy more than a quarter of the power produced by the long-planned Cape Wind offshore wind farm as a condition of a proposed merger, state officials announced Wednesday.

The announcement is a huge boost for the 130-turbine Cape Wind project, which would be located about 5 miles off Cape Cod in Nantucket Sound and aims to be the nation's first offshore wind farm.

The Cape Wind project has sold half its power to the Massachusetts utility National Grid but has struggled to find buyers for the rest of the power, posing a major obstacle to its efforts to secure financing. As part of the deal announced Wednesday, the combined Northeast Utilities-NStar company would buy 27.5 percent of the electricity Cape Wind produces under a 15-year contract.

State Energy and Environmental Affairs Secretary Richard Sullivan said the agreement shows the administration's commitment to clean energy.


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