MidAmerican Energy is making a big investment in wind generation in Iowa.
Wednesday afternoon, Gov. Terry Branstad announced the company’s plan to make a $1.9 billion investment. It includes adding up to 656 new wind turbines in Iowa by the end of 2015.
More than $360 million in additional property tax revenues will be generated by MidAmerican Energy’s wind power expansion over the next 30 years. Iowa landowners will see payments up to $3.2 million per year due to the expansion.
The plan is also expected to reduce rates for MidAmerican Energy customers.
“As a leader in wind generation, the state of Iowa welcomes the opportunity to expand our renewable energy portfolio. MidAmerican Energy’s proposed project will be the largest economic development investment in the history of the state, bringing needed jobs to Iowa, as well as significant economic benefits,” says Branstad.
The proposed expansion must still be approved by the Iowa Utilities Board.