WIND MAKER WILL FUND CAPE WIND

Siemens Willing to Finance Cape Wind as U.S. Postpones Backing, CFO Says
Brian Wingfield, June 21, 2011 (Bloomberg News)

"Siemens AG, Europe’s largest engineering company, is willing to provide financing for the first U.S. offshore-wind farm even though the Energy Department has delayed support, the company’s chief financial officer said."

[Josef Kaeser, Chief Financial Officer, Siemens:] “We’ve always made it clear that we are not only willing but also capable of helping to support the whole project…”

click to enlarge

"Siemens of Munich has offered to provide debt and equity financing for the proposed Cape Wind project, which would be located off the Massachusetts coast and cost about $2.6 billion. The U.S. Energy Department said last month it had put a loan- guarantee application for Cape Wind on hold to focus on other projects that could begin construction before a Sept. 30 deadline.

"Cape Wind…would have a capacity of as much as 468 megawatts of electricity from wind turbines located about 5 miles (8 kilometers) from Cape Cod. The project may be difficult to finance without government backing…"