MidAmerican Energy to invest $3.6bn in wind energy capabilities in Iowa, US

14 April 2016 (Last Updated April 14th, 2016 18:30)

Warren Buffet's energy company MidAmerican Energy is planning to invest $3.6bn to add up to 2,000MW of wind energy capacity in Iowa, US.

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Warren Buffet's energy company MidAmerican Energy is planning to invest $3.6bn to add up to 2,000MW of wind energy capacity in Iowa, US.

The move will increase the company's wind energy investment in the state from $6.6bn to more than $10bn.

The proposed project is in line with the company's commitment to provide 100% renewable energy to its customers in the state.

MidAmerican is seeking approval from the Iowa Utilities Board for the proposed wind farm, known as Wind XI.

The location to build the windfarm has yet to be finalised. Upon project completion, the company will generate 85% of its power from wind energy.

Iowa Governor Terry Branstad said: "Wind XI puts Iowa on track to be the first state in the nation to generate more than 40% of its energy needs from wind power, far ahead of any other state. Today, Iowa is the only state to have crossed the 30% mark.

"We welcome this opportunity to expand Iowa's renewable energy and thank MidAmerican Energy for making this investment in our great state. Every windturbine you see in Iowa means income for farmers, revenue for counties and jobs for Iowa families."

"Iowa is the only state to have crossed the 30% mark."

Wind XI is expected to generate nearly $12.5m in property tax payments and $18m in landowner payments every year.

Nearly 7,000 people are currently employed in the state's wind power sector.

Since 2004, MidAmerican Energy has added 3,450MW of wind energy capacity.

The company currently has wind farms in operation or under construction in 23 Iowa counties and have partnered with more than 2,400 Iowa landowners.

Unlike coal or natural gas, renewable energy has no fuel costs associated with it.

According to the company, savings on fuel costs, along with production tax credits, have made wind an economical option.


Image: Since 2004, MidAmerican Energy has added 3,450MW of wind energy capacity. Photo: courtesy of Photokanok / FreeDigitalPhotos.net.