The Iowa Utilities Board has approved MidAmerican Energy's wind turbine project will generate enough power for 800,000 household by 2020.
The buildout, called Wind XI, will cost $3.6 billion and generate up to 2,000 megawatts of electricity. It is the largest project of its kind MidAmerican Energy has taken on. The entire cost of the project planned to be recouped through federal production tax credits over 10 years, so the company is not seeking financial assistance from the state. Nor will customer rates be increased, according to MidAmerican officials.
Approval for the project came a month before MidAmerica's requested date, allowing the company to take advantage of the Production Tax Credit (PTC), which offers wind projects a 2.3-cent per kilowatt-hour incentive through the end of the year, then drops by 20 percent each year through 2020.
The Wind XI project will generate more than $1.2 billion in landowner easement and property tax payments over the next 40 years. Additionally, during construction, it is expected that thousands of jobs will be added to Iowa’s economy and hundreds of new permanent jobs will be added when the expansion is complete.
The Wind XI project will be on multiple sites across Iowa, some still to be finalized. Completion is planned for 2019.