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Bluewater Wind gets extension of deadline
Credit: Written by Aaron Nathans, www.delawareonline.com 23 June 2011 ~~
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NRG Bluewater Wind has received a brief extension to today’s deadline to withdraw from the project or lose $4 million in security deposit money.
Bluewater is seeking to build an offshore wind farm off of Delaware. Today is the third anniversary of Delmarva Power signing the landmark power purchase deal with Bluewater.
The deal required Bluewater to pay a $6 million security deposit. Bluewater has already forfeited $2 million. Today was the deadline to walk way from the project for any reason and keep the rest, or continue on and potentially lose it.
Bluewater President Peter Mandelstam said his company’s new deadlines with Delmarva Power are for $2.75 million due on Sept. 23 of this year, and the remaining $1.25 million due on Jan. 1, 2013.
“This agreement recognizes the significant challenges that NRG-Bluewater Wind faces,” especially the recent reduction in a federal loan guarantee program for renewable energy, Mandelstam said.
Bluewater and NRG officials are continuing to work to get loan guarantee funding restored, and are also looking for outside financiers for the project, Mandelstam said.
“We’re going to work very hard in that three-month period to make progress,” Mandelstam said.
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