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The Massachusetts Department of Public Utilities (DPU) approved a 15-year power purchase agreement (PPA) with NSTAR to buy the output from the proposed 468 MW Cape Wind offshore wind project off Nantucket Sound.
The PPA is for NSTAR to purchase 27.5 percent of Cape Wind’s output. National Grid signed a PPA for 50 percent of the project’s power in 2011.
“We are very pleased with the favorable reception we have been experiencing from the financial community and this approval of our PPA with NSTAR will further help Cape Wind secure financing and deliver all of the public benefits this important project will provide,” said Cape Wind President Jim Gordon.
To read the full DPU order, click here.
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