Go figure the wind farm was relying on NSTAR and National Grid to purchase a combined 77.5 percent of its offshore wind power.
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An ambitious and controversial push to erect America’s first offshore wind farm has been dealt what some call a potentially “fatal” blow after two utility companies pulled out of commitments to buy energy from the lagging operation.
The $2.6 billion Cape Wind project, a private operation benefiting from millions in federal subsidies, is attempting to pioneer offshore wind energy in pursuit of an eco-friendly, sustainable energy supply. Wind turbines would be installed off the coast of Massachusetts’ Cape Cod in Nantucket Sound.
But Cape Wind is now in limbo after utility companies terminated huge purchase agreements. They pulled out after the project failed to meet two requirements by Dec. 31: to secure financing and begin construction.