Cape Wind, National Grid Sign MOU to Negotiate Long-Term Power Purchase Agreement

Governor Deval Patrick (D-MA) is expected to announce today that Cape Wind and the utility National Grid have signed a memorandum of understanding to negotiate a long-term power purchase agreement under which National Grid would purchase electricity produced by the wind turbines at the Cape Wind project.  The Boston Globe reports that this agreement will play an important role in securing financing for the construction of the wind farm.