Wind farm losing speed
But in order to secure the financing needed to begin construction this year, the 300-megawatt Desert Wind Energy Project wind farm near Elizabeth City needs to have a long-term contract with an electric utility so it can generate revenue by selling its power output to that utility.
If it doesn't fall through, the Desert Wind project would be one of the largest such projects in the country.
November 12, 2011
by John Murawski
in The News & Observer
A major wind farm proposed in this state could be scrapped if construction doesn't get under way this year to qualify the $600 million project for a generous federal incentive set to expire soon.
The federal incentive covers 30 percent of the cost of a wind farm, making industrial-scale wind power competitive with conventional forms of electricity. The project proposed in eastern North Carolina would need to be completed by the end of next year to qualify for the federal rebate, which in this case would be worth about $200 million.
But in order to secure... [continue via Web link]