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Oil Kingpin Turns to Alternative Energy

Posted May 16, 2008

“You find an oilfield, it peaks and starts declining, and you’ve got to find another one to replace it. It can drive you crazy. With wind, there’s no decline curve.” — T. Boone Pickens

by Jennifer Yousfi

Baltimore — (TFN): T. Boone Pickens made his fortune in oil. But now the Dallas oilman and famed former corporate raider is betting $2 billion that he can have the same success with a new source of energy - wind.

Pickens’ Mesa Power LLP yesterday (Thursday) unveiled the first phase of an eventual $10 billion alternative energy project that has the potential to become the world’s largest wind farm.

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“You find an oilfield, it peaks and starts declining, and you’ve got to find another one to replace it,” Pickens, who once operated one of the largest independent oil-and-gas production companies in the country, said of the deal. “It can drive you crazy. With wind, there’s no decline curve.”

Mesa Power will purchase 667 wind turbines from General Electric Co. (GE: NYSE). Each turbine can produce 1.5 megawatts of electricity. The first phase of the project will produce 1,000 megawatts, enough energy to power 300,000 homes. GE will begin delivering the turbines in 2010, and current plans call for the project to start producing power in 2011. Read on to learn more.

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