Renewable energy is proving as much an economic driver in Minnesota as an essential environmental pursuit. And even oil and gas producers who ship products to Minnesota and the huge Pine Bend refinery in Rosemount are reducing carbon emissions.
NextEra Energy Resources, the country's largest wind developer, is building six wind farms to provide energy for Great River, Xcel and other power buyers. A University of Minnesota study concludes the company's projects will provide $1.8 billion in economic benefit over 30 years, including up to 3,500 construction and other jobs.
"We have six projects in late-stage development or permitted and hope to have all constructed by 2024," said David Gil, executive director of development for the Midwest.
NextEra previously invested about $500 million in three wind farms and solar projects. The additional six also mean $250 million in state-and-local taxes over 30 years.
Another sign of the industry's worth? Quanta Services of Texas bought Blattner, the huge central Minnesota-based construction firm focused on wind energy, in the fall for a hefty $2.7 billion.
Quanta, an electric-power contractor, said it was looking for a fast-growing renewable partner to help it "collaborate with our customers to shape North America's energy transition to a carbon-neutral economy.''
Blattner CEO Scott Blattner declined to comment last week, but has said in the past the company needed a larger partner with capital. The once-struggling Blattner did well with its 20-year focus on renewable energy. In 2020, Blattner posted operating earnings of $291 million on revenue of $2.4 billion, according to publicly held Quanta.
Businesses as well as environmental advocates contend we need to accelerate investments to meet carbon-cutting goals and mitigate the environmental damage of growing weather-related disasters.