Cape Wind names lead bank for financing efforts

BOSTON (AP) - The Cape Wind offshore wind farm has sealed a deal with a Japanese bank to lead its efforts to find financing for the $2.6 billion project.

The company said Tuesday that The Bank of Tokyo-Mitsubishi UFJ will provide a "significant amount" of debt capital toward the development and construction of the 130-turbine project in Nantucket Sound. It wouldn't say how much.

Project finance director Takaki Sakai said the bank has been impressed with Cape Wind's perseverance. The project was proposed in 2001, and aims to be the nation's first offshore wind farm. It still faces lawsuits from opponents who say the project will ruin the sound.

The project has buyers for about three-quarters of its power. Cape Wind president Jim Gordon said obtaining financing is the one of the last steps before beginning construction.

Cox Media Group