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Green Bonds

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 late 2019, MidAmerican Energy will have built more than 6,000 megawatts (nameplate) of wind-powered generation capacity in Iowa, representing an investment of approximately $11.4 billion.

Our Dream

For calendar year 2016, 47% of the energy used by our Iowa retail customers came from renewable resources and we estimate that amount increased to 51% for calendar year 2017. 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 is equivalent to more than 90% of our Iowa retail customers' annual usage, moving us closer to our 100% renewable energy vision.

Why Issue Green Bonds?

Green bonds are issued to provide funding to support the costs of developing and installing renewable resources. On February 1, 2018, MidAmerican Energy issued $700 million of 30-year green bonds to fixed-income investors to finance a portion of the Wind XI and wind repowering projects. 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.

Wind Progress in Iowa

The Wind X project was placed in-service in 2016 and includes 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.

Wind Progress in Iowa, continued

The 2,000-megawatt Wind XI project is expected to be fully complete in late 2019. To date, the 170-megawatt Beaver Creek wind project in Boone and Greene counties and the 168-megawatt Prairie wind project in Mahaska County have been placed in service. Construction activity at other wind farms is underway, and an additional 711 megawatts of wind generation capacity is expected to be completed by year-end 2018.

The repowering project will improve capacity factors of the earliest vintage wind turbines. Up to 706 turbines totaling 1,059 megawatts will be upgraded as part of the repowering project.

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
1Based on an assumed carbon intensity for fossil-fueled generation of 2,100 pounds per megawatt-hour (net).

2U.S. Energy Information Administration, based on the average annual electricity consumption for a U.S. residential utility customer.

Assertions and Attestations