Warren Buffett's Energy Company To Invest On $3.6 Billion Iowa Wind Project
Warren Buffett's MidAmerican Energy company sets its sight to a $3.6 billion investment that would usher in more wind turbines to supply renewable energy in the State of Iowa.
MidAmerican Energy announced its plans to provide 1,000 wind turbines that could supply 2,000 megawatts of renewable energy in Iowa. This plan makes it the biggest economic development project in the state.
The Wind XI could dominate the Alta Wind Energy Center, the current largest wind farm in the United States.
"We don't know of another U.S. energy provider that has staked out this 100 percent position. Our customers want more renewable energy, and we couldn't agree more," said Bill Fehrman, president and CEO of the company.
Fehrman added that this investment will provide the State of Iowa a cleaner, 100 percent renewable energy, which is equivalent to 85 per cent of annual client sales.
Along with Fehrman is Iowa Governor Terry Branstad who praised the company's plan on wind farm.
"[Wind XI] puts Iowa on track to be the first state in the nation to generate more than 40 percent of its energy needs from wind power - far ahead of any other state. Today, Iowa is the only state to have crossed the 30 percent mark," said Branstad.
The governor added that every single wind turbine means job, revenue and income to the farmers, counties and Iowa citizens.
According to American Wind Energy Association's yearly market report, wind power currently provides 88,000 jobs in which the 7,000 is from Iowa alone.
The wind farm will be complete without any additional cost on Iowa's citizens. The capital is said to be recouped from the 10-year tax incentives.
Negotiations are still ongoing to where the plant will stand. According to Fehrman, if the project gets is approval from the board by fall, the construction will begin in 2017, aiming to complete the majority of the project by 2018.
This is not the first time that the MidAmercan Energy company stored a wind farm in Iowa. In 2004, they had already built a facility producing 3,450 megawatts of energy.
The MidAmerican energy company is currently supplying the 752,000 users in four midwestern states.
"We make history. Today's a great day for Iowa," said Branstad.
Photo: Jim Hammer | Flckr