Blog Post

T. Boone May Scale Back Wind Project

T. Boone Pickens could scale back his plans for a massive 4,000-MW wind farm in Texas, we’ve 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 Picken’s 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 it’s 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.

It’s 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 Journal’s report that about half of the investors in Picken’s 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.