Cape Wind names contractors

Posted by IronPlanet on Apr 19, 2012 9:20:00 AM

For years, a major topic of debate in Massachusetts has been the construction of "Cape Wind," an offshore wind farm that would provide power to the New England area. After much debate over Cape Wind, the project has been approved at both the local and federal levels, and it now appears to be moving forward.

Since the wind farm is being built several miles offshore, in Nantucket Sound, construction of the facility will be somewhat complex. The developers of the project recently announced their choices for three contractors that will head the multi-billion dollar project. Cashman Equipment Corporation of Boston will be providing the specialized construction equipment necessary for working on the water. CalDive International, out of Houston, will be providing workers that can dive underwater. Flatiron Construction of Colorado has a background in offshore energy projects and will also join the team building Cape Wind.

The massive project is expected to cost $2.6 billion, but may result in even bigger savings over time. A recent report by the economic consulting firm Charles River Associates indicates that the wind farm could result in $7.2 billion worth of savings over the next 25 years, reports United Press International. The key is that the project costs very little to operate compared to its construction - since the turbines are powered by wind, it's not quite as complex as managing a full power plant.

Residents of Massachusetts and other areas throughout New England will not be able to simply tap into Cape Wind and get electricity. The developers of the project plan to sell the electricity generated by Cape Wind to the major power companies in the area. To date, approximately 75 percent of the power has already been sold.

Construction companies hoping to work on major projects such as Cape Wind will need to have the right tools for the job. The online auction site IronPlanet offers a wide array of construction equipment backed by IronClad Assurance, so buyers can view full inspection reports before they bid.

Topics: Construction, Industry Headlines