America’s 1st offshore wind farm could be operational by 2016

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Credit agency EKF has approved a $600 million loan for the Cape Wind offshore project, according to Think Progress. Cape Wind said it would need $2.5 billion to build the wind farm and the most recent loan gives the offshore wind project $900 million, so far, in financing.

Cape Wind expects to have all the funds by this fall and go online by 2016.

The offshore wind farm would include 130 wind turbines, located in Nantucket Sound, and produce enough energy to provide power to 75 percent of the region.

The Environmental Protection Agency and the Army Corps of Engineers approved the project in 2011. The Bureau of Ocean Management followed suit a short time later.

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