MidAmerican Energy is committed to using natural resources wisely and protecting our environment for the benefit of future generations. Aligned with this commitment, MidAmerican Energy has offered
green bonds to fixed-income investors to finance a portion of our renewable energy resources in Iowa.
Strong Environmental Position
MidAmerican Energy is a recognized leader in the use and development of renewable energy; no other U.S. rate-regulated utility owns more wind-powered generation capacity. Upon completion of Wind XI in 2019,
MidAmerican Energy will have built more than 6,000 megawatts of wind-powered generation capacity in Iowa, representing an investment of approximately $10.3 billion.
As of September 30, 2016, the energy generated from wind equaled 57% of the energy sold annually to our retail customers in Iowa. By year-end 2020 and with completion of the 2,000-megawatt Wind XI project, our annual renewable energy generation is expected to reach a level that’s equivalent to 89% of our Iowa retail customers' annual use, moving us closer to our 100% renewable energy vision for customers in Iowa.
Why Issue Green Bonds?
Green bonds are issued to provide funding to support the costs of developing and installing renewable resources. On February 1, 2017, MidAmerican Energy
issued $375 million of 10-year green bonds and $475 million of 30-year green bonds, totaling $850 million of green bonds to fixed-income investors to finance a portion of the Wind X and Wind XI projects.
2016 Wind Progress in Iowa
The Wind X project was placed in-service in 2016 and comprised two wind farms, one in Ida County and one in O'Brien County. The wind farms have a combined generation capacity of approximately 550 megawatts.
Construction on the first phase of the Wind XI project will begin in April 2017 and will add 338 megawatts of generation capacity in the Iowa counties of Boone, Greene and Mahaska by year-end 2017. All Wind XI sites are expected to be placed in-service by year-end 2019.
Making an Impact
- CO2 Emissions Expected to be Avoided Per Year1
- Wind X – approximately 2.1 million tons
- Wind XI – approximately 8.6 million tons upon project completion
- Number of Average U.S. Homes Served Per Year2
- Wind X – approximately 186,000
- Wind XI – approximately 760,000 upon project completion
Based on an assumed carbon intensity for fossil-fueled generation of 2,100 pounds per megawatt-hour (net).
U.S. Energy Information Administration, based on the average annual electricity consumption for a U.S. residential utility customer.
Assertions and Attestations