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A large Denmark pension fund has pledged $200 million in financing for the proposed Cape Wind project in Nantucket Sound, the first public commitment of funds for the controversial project.
The amount is still a fraction of the more than $2 billion the project needs to be built, and is contingent on other investors buying in by the end of the year. Yet the announcement is the most significant since the project gained federal approval in 2010 amid a slumping economy and uncertainty over federal tax incentives to build.
PensionDanmark has already invested in Danish offshore wind farms and three land-based farms in Texas and Pennsylvania. Its CEO said in a statement that Cape Wind was an attractive investment opportunity.