Oilman Makes Major Wind Investment

John Davis

A man entrenched in the oil business is looking to the wind for the future.

This story from Engadget.com says billionaire oilman T. Boone Pickens is investing $2 billion in a 667 turbine wind farm in Texas:

That would translate to roughly 1,000 megawatts of electricity, or enough to power about 300,000 homes, but Pickens says that is only the start of what he has in mind. As he tells CNN, Pickens says he plans to expand the wind farm to a full 4,000 megawatts by 2015, which would likely make it the biggest wind farm in the world. What’s more, in addition to pumping out electricity, the wind turbines would give a boost to the pocketbooks of anyone willing to put ’em on their property, with Pickens estimating that each turbine will generate about $20,000 a year in royalty income, although they apparently won’t get electricity straight from the turbine in their backyard.