(BRK.A), (BRK.B)
Berkshire Hathaway, which is already one of the world-leaders in utility-scale solar and wind power electricity generation, has announced plans for a $3.6 billion, 2,000 megawatt wind farm in Iowa.
The plant, which will feature 1,000 wind turbines, will be owned by MidAmerican Energy Company, a unit of Berkshire Hathaway Energy.
The announcement comes as MidAmerican puts the finishing touches on its just constructed 51 turbine, 119.6 megawatt wind farm located east of the town of Macksburg.
When the Wind XI wind farm is completed, MidAmerican will generate 85 percent of its energy in Iowa from wind.
“We have a dream to deliver 100 percent renewable energy to our customers,” MidAmerican CEO Bill Fehrman said. “For customers, the benefits are clear: clean energy produced right here in Iowa using an abundant natural resource,” Fehrman added. “Unlike coal or natural gas, renewable energy has no fuel costs associated with it. Harnessing the wind is free.”
The Wind XI wind farm will be built utilizing federal 10-year tax incentives, which will enable its construction without the costs being passed on the ratepayers.
© 2016 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.