MidAmerican secures Iowa Utilities Board approval for $1.9bn wind projects

MidAmerican Energy Company, a US-based energy company, has secured approval from Iowa Utilities Board to invest nearly $1.9bn for wind energy projects in Iowa by 2015-end.

The company is planning to develop up to 1,050MW of wind projects in Grundy, Madison, Marshall, O’Brien and Webster counties in the state.

Governor Terry Branstad said MidAmerican is a significant partner in furthering state’s wind energy generation capacity, besides diversifying its renewable energy portfolio.

"This expansion will bring quality jobs and significant economic benefits to Iowa," added Branstad.

Lt. Gov. Kim Reynolds stated, "Not only is this the largest economic development investment in Iowa’s history, it is a great story for us to share with potential businesses."

The wind expansion plan is estimated to provide $360m in additional property tax revenues over the next 30 years in the state.

The projects would stabilise electric rates over the long term through a rate reduction of nearly $10m per year by 2017, starting at $3.3m reduction in 2015.

MidAmerican Energy president and CEO Bill Fehrman said, "The best way to meet our customers’ energy needs is to provide reliable, affordable and environmentally responsible energy through a diversified generation portfolio.

"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."

Scheduled for completion by the end of 2015, the construction of the wind projects expected to begin in September 2013.