According to Bloomberg, Berkshire Hathaway, a subsidiary of Buffett, plans to spend $3.9 billion to bring more wind and solar power to Iowa, a project that could become one of the largest projects in the renewable energy industry.
On Wednesday, Berkshire-owned MidAmerican Energy Co. The "Wind Prime" renewable energy project will bring 2,042 megawatts of wind power and 50 megawatts of solar power, which could provide enough electricity for about 600,000 homes, the statement said.
The company also plans to fund research on technologies that could help with carbon capture, energy storage and small nuclear reactors.
It is expected to boost the Iowa wind energy market
According to the Iowa Public Utilities Commission, 41 percent of the state's energy needs came from wind in 2019, up from just 5.1 percent in 2006. Iowa Gov. Kim Reynolds called the Wind Prime project "an agreement and investment at a whole new level."
Berkshire has been building renewable energy projects at U.S.-China Energy in recent years. U.S. Energy estimates that in 2021, the company will provide 88 percent of renewable energy to customers in Iowa each year.
Buffett has said he hopes the company will achieve "wind energy self-sufficiency" in Iowa. U.S. Energy said Wednesday that the Wind Prime project will help the company deliver renewable energy equivalent to the annual use of customers in Iowa.
Kelcey Brown, President and CEO of Sino-American Energy, said in a statement: "As Sino-American Energy continues to provide 100% renewable energy to our customers, we are also preparing for an important milestone in achieving net zero greenhouse gas emissions. ”
Berkshire Hathaway expects the project to create 1,100 jobs during construction and another 125 during continued construction.
It could bring an average of $24 million in property taxes per year to local turbines and solar equipment, plus more than $21 million in land easements per year.
Berkshire expects construction to be completed by the end of 2024 if the project is approved.
"This has the potential to be the largest single wind power project ever built in the United States." Bloomberg Analyst Ethan Zindler.
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