MidAmerican to invest $1.9bn for wind energy projects in Iowa, US
Iowa, US-based energy company MidAmerican Energy Company is gearing up to invest around $1.9bn to develop 1050MW of wind energy projects in Iowa by 2015-end.
The company has recently secured Iowa Utilities Board approval for the development of the proposed projects across Grundy, Madison, Marshall, O'Brien and Webster counties.
MidAmerican Energy president and CEO Bill Fehrman said providing clean, reliable and low-cost electricity through a diversified renewable portfolio is the best way to cater to customers' energy demands.
"The wind expansion will help stabilize electric rates over the long term for our customers and also demonstrates MidAmerican Energy's commitment to lessen the environmental impact created by the process of electrical generation," Fehrman added.
The wind projects are estimated to reduce electricity rate of about $10m per annum by 2017, starting with reduction rate of $3.3m in 2015, besides providing additional property taxes in the excess of $360m the next 30 years.
Governor Terry Branstad said, "MidAmerican Energy continues to be a great partner in enhancing the state of Iowa's leadership in wind generation and expanding our renewable energy portfolio. This expansion will bring quality jobs and significant economic benefits to Iowa."
Construction of these projects is scheduled to begin in September 2013, with completion expected by the end of 2015.