Funds for Wind Farm Revoked After Energy Company Misses Deadline

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ATLANTIC CITY, N.J. -

A company trying to build a wind farm off the coast of Atlantic City has lost out on a large portion of a $47 million grant because of a missed deadline.

According to the U.S. Energy Department, Fishermen's Energy failed to meet a December 31st deadline to have a power purchase agreement in place. The department is revoking most of the $47 million it pledged in 2014, however about $10.6 million of which has already been spent.

Fishermen's Energy officials now hope a last-ditch effort to secure a power deal will succeed. Otherwise, the company will wait until New Jersey officials adopt friendlier policies toward wind energy development.

Rhode Island recently opened the nation's first commercial offshore wind farm.

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