After almost a decade long fight, the federal government has approved the first offshore wind farm in the United States in the waters off Cape Cod. The Cape Wind project entails the construction of 130 wind turbines in Nantucket Sound, Massachusetts and will start generating electricity by 2012.
The Cape Wind project is a major breakthrough for the U.S., teaming clean energy, innovation and financial prosperity. According to SBI Energy’s new industry study Offshore Wind Farm Manufacturing Worldwide, the offshore wind market in the U.S. will value $62 billion by 2012 and will grow to reach $78 billion by 2015. The project’s approval provides hope to the 11 additional offshore wind farm projects that are currently in the planning stages around the U.S., which will also be seeking approval from the federal government before installation.