Cape Wind's attempt to win a Department of Energy loan guarantee has been placed "on hold" in a setback to efforts by the nation's first offshore wind farm to secure financing. In a letter sent this week, the department said with the multi-billion dollar loan program's September expiration date approaching, remaining funds would be used on projects whose applications were further along. The letter said if the federal loan guarantee program received more funding, the department could resume working on Cape Wind's application. But Jonathan Silver, director of the loan program, made no promises. "We must caution you, however, that there is no assurance that we will ever be in a position to continue our evaluation of your project," his letter read.
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