Siemens could fund Cape Wind

Siemens AG (NYSE: SI) said it is willing and able to provide financing for the $2.6 billion, 468 MW Cape Wind offshore wind energy project in Massachusetts. The Energy Department delayed support through a loan guarantee, according to an article by Bloomberg.

“We’ve always made it clear that we are not only willing but also capable of helping to support the whole project,” Josef Kaeser, Siemens chief financial officer, was quoted as saying.

Siemens offered to provide debt and equity financing for the proposed offshore wind project, which would be located off the Massachusetts coast. The U.S. Energy Department said in May 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 received approval for a construction and operation plan in April and is expected to begin construction by this fall.

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