Lease Signed for First Major Offshore Wind Farm, Cape Wind
October 7, 2010
U.S. Interior Secretary Ken Salazar formally signed the nation''s first lease for a major offshore wind project, reports Reuters. The lease for the $1 billion Cape Wind wind farm off the coast of Massachusetts officially ends a nine-year regulatory process for the project. The Obama administration has made renewable energy a top priority, pouring billions of dollars into the green energy sector through its stimulus package in an effort to create jobs and reduce U.S. dependence on fossil fuels. But with the failure of the Senate to pass a comprehensive climate change package this year, the White House has pledged to renew its focus on energy policy in 2011. Ramping up U.S. offshore wind development could be a major boon for turbine makers such as General Electric Co, Vestas Wind Systems A/S and Siemens AG. A study released by ocean conservation group, Oceana in September found offshore wind energy has the potential to meet up to half of the current electricity demand of the densely populated East Coast.