Pickens may scale back on Texas wind farm
Articles — By forcechange on November 3, 2008 4:07 pm
A few blogs are reporting that Boone Pickens is scaling back plans for his planned wind farm in the Texas panhandle. 60 Minutes noted last week that his energy fund has already lost $2 billion this year to date, which has caused a number of investors to remove their money. Now, Pickens is apparently having trouble with the financing of his 4000 MW farm near Sweetwater, TX. These problems stem from falling energy prices and the credit crunch.
Of course, it is important to note that Pickens’ $10 billion wind farm in the Texas panhandle is distinct from his Pickens Plan, which is a proposal to shift our entire energy policy and infrastructure. Nonetheless, as we’ve noted, the shifting economic and market conditions could easily derail efforts to change our energy policy. For the same reason that entrepreneurs will enter the alternative energy business (to make money), they will also leave.
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