US energy company MidAmerican Energy has announced a commitment to invest $3.6 billion to build the 2 GW Wind XI project in Iowa.
The MidAmerican Energy Company announced last week that it had filed a request with the Iowa Utilities Board to build the 2 GW Wind XI, a project that will add 2 GW of wind energy capacity to Iowa. The project, which will cost a proposed $3.6 billion, is the largest economic development project in the state’s history, and the largest wind project MidAmerican Energy has ever undertaken, and the company hopes to avoid increasing customer rates or seeking financial assistance.
The project is a big step towards the company’s goal of 100% renewable energy for all its Iowa customers.
“We have a bold vision for our energy future,” said Bill Fehrman, CEO and president of MidAmerican Energy. “We don’t know of another US energy provider that has staked out this 100% position. Our customers want more renewable energy, and we couldn’t agree more. Once the project is complete, we will generate wind energy equal to 85 percent of our annual customer sales in Iowa, bringing us within striking distance of our 100 percent renewable vision.”
“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,” said Iowa Governor Terry Branstad. “Today, Iowa is the only state to have crossed the 30 percent mark. We welcome this opportunity to expand Iowa’s renewable energy and thank MidAmerican Energy for making this investment in our great state. Every wind turbine you see in Iowa means income for farmers, revenue for counties and jobs for Iowa families.”
“Investments of this scale are viable because federal production tax credits are at their highest level,” said Debi Durham, director of the Iowa Economic Development Authority, who joined Fehrman and Branstad at the announcement. “It makes sense to leverage that benefit to solidify Iowa’s leadership in wind energy. Today’s announcement continues to build Iowa’s legacy in the renewable energy space – and in a very real way, provides economic benefits to all Iowans.”