The Wind Sector Catches a Gust from Uncle Sam (FAN, PWND)

The wind energy sector caught a much needed break from Uncle Sam last week, as the U.S. government approved the Cape Wind renewable energy project. This cleared the way for 130 wind turbines to be installed in a 25 mile area in Nantucket Sound, just five miles off the coast of Massachusetts.

Private Company, Energy Management hopes to begin construction on the $2 billion project later this year and begin generating power in 2012. The company predicts that this wind installation will provide 182 megawatts of energy; enough to power nearly 200,000 homes, or three-fourths of the Cape Cod, Nantucket and Martha's Vineyard marketplace. What’s significant about the announcement is that while most of the world has off-shore wind power, this would be the first in the United States. Several other states have plans for wind farms off their coasts.

With the worries about Greece and the markets big plunge this past week, this news went almost unnoticed. Investors looking for long term growth in the sector can pick up either the First Trust Global Wind Energy (NYSE: FAN) or the PowerShares Global Wind Energy (NASDAQ: PWND). Both Exchange traded funds offer a wide swath of the wind energy sector and could see gains as these projects take off.