Cape Wind Finalizes Deal with Lead Bank
Cape Wind moved another step closer to building the offshore wind farm Tuesday as it finalized a deal with the Bank of Tokyo-Mitsubishi UFJ.
The Bank of Tokyo-Mitsubishi will act as Coordinating Lead Arranger for Cape Wind and will provide a significant amount of debt capital toward financing the project, according to a press release.
Securing financing is a step Cape Wind officials have been waiting for.
“Obtaining financing is one of the last steps to complete before proceeding with the construction of the project. Together with BTMU, we are engaging a group of experienced financial institutions as our core banking group and look forward to completing the financing of America’s first offshore wind farm,” said Cape Wind President Jim Gordon said in a statement.
Cape Wind expects to finalize financing and begin construction by the end of the year.