The US government has approved a $1.3bn (£838m) loan to what will become the world’s largest wind farm.
US Energy Secretary Steven Chu announced that a partial loan guarantee has been finalised to finance the Caithness Shepherds Flat project, an 845-megawatt facility in eastern Oregon.
“Renewable energy investments like these are creating jobs while helping to maintain America’s global competitiveness in the clean energy economy,” said Mr Chu. “By leveraging our nation’s vast natural resources, we can help provide alternative sources of energy and stimulate economic growth and job creation.”
The Caithness Shepherds Flat project will utilise 338 turbines built by technology giant GE. It will be the first time this type of turbine – already operational in Europe and Asia – has been used in the US.
Once completed, the project will sell 100% of the power and renewable energy generated to Southern California Edison under a 20-year fixed price deal.
The $1.3bn loan is funded by a group of 26 institutional investors and commercial banks led by Citi, Bank of Tokyo-Mitsubishi, RBS Securities and WestLB Securities.