By JAY LINDSAY, Associated Press
BOSTON (AP) — The Cape Wind offshore wind project has secured a $200 million investment from a Danish pension fund in what its president says is a milestone for the proposed 130-turbine project.
The $2.6 billion Cape Wind project aims to be the nation's first offshore wind farm. But Cape Wind has been delayed by lengthy reviews and entrenched opponents since it was proposed in 2001 and has been looking for financing.
In March, Cape Wind announced The Bank of Tokyo-Mitsubishi UFJ would coordinate its financing, and also invest in the project itself, but no specific dollar commitment was given.
In a statement, PensionDanmark said it has already invested in two offshore wind farm projects in Denmark, and was "delighted" to participate in Cape Wind.
Cape Wind president Jim Gordon welcomed PensionDanmark's decision and called it a "milestone" for Cape Wind.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.