|T. Boone May Scale Back Wind Project|
Written by Katie Fehrenbacher
October 29, 2008
Big GreenT. Boone Pickens could scale back his plans for a massive 4,000-MW wind
farm in Texas, weíve confirmed. A local Amarillo news channel was reporting the
possibility recently, and SolveClimate had heard the rumor from a distressed
asset sales specialist. In a statement that Pickenís team emailed to us, Pickens says:
The capital markets are problematic for everyone, and we are keeping an eye on
them. We are committed to wind development projects and believe itís a viable
business for us. The capital markets may lead us to scale back a bit but we
are still going forward with our wind business.
Itís pretty much what Mesa Power told the local news channel, and Pickens
declined to include more information on how much the project will be scaled
back. The original project was supposed to cost $10 billion and include
2,700-turbines, but that was before Pickens and his fund took a pummeling from
the drop in oil and natural gas prices.
The news that Pickens may reduce his wind project plans comes on the heels of
the Wall Street Journalís report that about half of the investors in Pickenís
energy fund have asked to withdraw their money, due to 60 percent losses this
year. On 60 Minutes this Sunday, Pickens said that he and his fund are down a
staggering $2 billion.