Posted by: JohnnyRook | October 27, 2008

Is T. Boone Pickens Bailing on Wind Power?

I recommend checking out SolveClimate’s excellent piece over at Daily Kos on T. Boone Picken’s recent talk at Chadbourne & Parke’s Green Business Summit II in New York. Here is an excerpt:

To prove his green bona fides and sell his plan to the public, Pickens announced he was building the biggest wind farm in the world in Texas. (I fell for it.) The Pampa Wind Project, as it’s called, plans to erect 2700 wind turbines across tens of thousands of barren acres in the Panhandle to feed 1 million homes 170 miles away. Mesa Power, the company Pickens created to run the project, announced back in May that it had placed a $2 billion order for 667 wind turbines with GE. Terms were not disclosed. Still he earned the very public support of Carl Pope, head of the Sierra Club, and lunch with Al Gore (burger and fries).

So it was pretty surprising when the neighbor to my right, a guy who specializes in the sale of distressed assets — let’s call him Tim McGillicuddy — started talking about Pickens selling off his wind turbines. We had spent a good part of the morning listening to a panel deliver bad news about how the credit crunch and plummeting oil prices are slamming renewable energy projects. Maybe Pickens had his own bad news to share about Pampa?

Read the entire piece here.

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Responses

  1. Pickens’ hedge fund lost a bundle of money (billions) and he is strapped for cash. He has said he is going to slow down, but not abandon, his wind farm plans.

    Basically, he bet oil was going up and it dropped from $150 to $50 per barrel. Oops…


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