Warren Buffet invests $200mn in wind power plant in Alberta
A new wind power plant near Medicine Hat, Alberta will generate 117.6MW of renewable power by 2020
A new 117.6-megawatt wind farm has been announced for development in Alberta next year, the project is funded by BHE Canada, an investment firm linked with U.S investor Warren Buffet.
The Rattlesnake Ridge Wind project will be southwest of Medicine Hat in Alberta and will be able to produce power for up to 79,000 homes, according to a release from BHE Canada, a subsidiary of Buffet’s Berkshire Hathaway Energy.
"We felt that it was time to make an investment here in Alberta," said Bill Christensen, vice-president of corporate development for BHE Canada, in an interview with the Calgary Eyeopener. The structure of the markets here in Alberta make it so that we can invest, and do it at a profit that works for us, and at a price that works for the off-taker," Christensen explained.
Berkshire Hathaway Energy is set to increase its already significant 85% stake in the energy production and supply of homes in the Alberta area.
The corporate partner working with BHE Canada has yet to be named but it has been confirmed that it has already signed a long-term power purchase agreement for the majority of the potential energy output, generated by the 28 turbines at the Rattelsnake Ridge site.
"If you look at just the raw power price that power is going for in Alberta right now, it's averaged around $55 a megawatt hour, or 5.5 cents a kilowatt hour. And we're selling the wind power to this customer at substantially less than that, and there's been no subsidies," Christensen said.
Christensen has stated he has high expectation for the area’s renewable energy prospects, not just in wind but in solar power as well, particularly in the southeastern region of Alberta. Although there are high hopes for the renewable energy industry, BHE Canada has also expressed interest in more traditional power solutions in the area.
"It's not a choice of one or the other. I think there is still opportunity to make investments in oil and gas," he said. "We're really excited about having this project and hope to be able to make other investments here in Alberta to help support the economy here."
UK-based Renewable Energy Systems (RES) will be overseeing the construction of the project and is currently working on two other wind plants in Alberta. The projects already in development are set to generate 134.6MW this year, which RES can add to its pre-existing portfolio of 750MW installed or under construction across Canada.
BHE Canada and RES are still looking for further potential investment from energy buyers and are toting the project’s final capacity of 398.5MW to be one of the largest wind power projects in the country.
Marketing matters: from IBM to Kyndryl
Prior to joining Kyndryl as Chief Marketing Officer, Maria had a 25-year career at IBM, most recently as the tech giant’s CMO where she oversaw all marketing professionals and activities across North America, Canada and Latin America. She has held senior global marketing positions in a variety of disciplines and business units across IBM, most notably strategic initiatives in Smarter Cities and Watson Customer Engagement, as well as leading teams in services, business analytics, and mobile and industry solutions. She is known for her work with teams to leverage data, analytics and cloud technologies to build deeper engagements with customers and partners.
With a passion for marketing, business and people, and a recognized expert in data-driven marketing and brand engagement, Maria talks to Business Chief about her new role, her leadership style and what success means to her.
You've recently moved from IBM to Kyndryl, joining as CMO. Tell us about this exciting new role?
I’m Chief Marketing Officer for Kyndryl, the independent company that will be created following the separation from IBM of its Managed Infrastructure Services business, expected to occur by the end of 2021. My role is to plan, develop, and execute Kyndryl's marketing and advertising initiatives. This includes building a company culture and brand identity on which we base our marketing and advertising strategy.
We have an amazing opportunity ahead at Kyndryl to create a company brand that will stand apart in the market by leading with our people first. Once we are an independent company, each Kyndryl employee will advance the vital systems that power human progress. Our people are devoted, restless, empathetic, and anticipatory – key qualities needed as we build on existing customer relationships and cultivate new ones. Our people are at the heart of this business and I am deeply hopeful and excited for our future.
What experiences have helped prepare you for this new opportunity?
I’ve had a very rich and diverse career history at IBM that has lasted 25+ years. I started out in sales but landed explored opportunities at IBM in different roles, business units, geographies, and functions. Marketing and business are my passions and I landed on Marketing because it allowed me to utilize both my left and right brain, bringing together art and science. In college, I was no tonly a business major, but an art major. I love marketing because I can leverage my extensive knowledge of business, while also being able to think openly and creatively.
The opportunities I was given during my time at IBM and my natural curiosity have led me to the path I’m on now and there’s no better next career step than a once-in-a-lifetime-opportunity to help launch a company. The core of my role at Kyndryl is to create a culture centered on our people and growing up in my career at IBM has allowed me to see first-hand how to prioritize people and ensure they are at the heart of progress in everything Kyndryl will do.
How would you describe your leadership style?
I believe that people aren't your greatest assets, they are your only assets. My platform and background for leadership has always been grounded in authenticity to who I am and centered on diversity and inclusion. I immigrated to the US from Chile when I was 10 years old and so I know the power and beauty that comes from leaning into what makes you different from other people, and that's what I want every person in my marketing organization to feel – the value in bringing their most authentic self to work every day. The way our employees feel when they show up for themselves authentically is how they will also show up for our customers, and strong relationships drive growth.
I think this is especially true in light of a world forever changed by the pandemic. Living through such an unprecedented time has reinforced that we are all humans. We can't lead or care for one another without empathy and I think leaders everywhere have been reminded of this.
What’s the best leadership advice you’ve received?
When I was growing up as an immigrant in North Carolina, I often wanted to be just like everyone else. But my mother always told me: Be unique, be memorable – you have an authentic view and experience of the world that no one else will ever have, so don't try to be anyone else but you.
What does success look like to you?
I think the concept of success is multi-faceted. From a career perspective, being in a job where you're respected and appreciated, and where you can see how your contributions are providing value by motivating your teams to be better – that's success! From a personal perspective, there is no greater accomplishment than investing in the next generation. I love mentoring younger professionals – they are the future. I want my legacy as a leader to include providing value in work culture, but also in leaving a personal impact on the lives of professionals who will carry the workforce forward. Finding a position in life with a job and company that offers me a chance at all of that is what success looks like to me.
What advice would you give to your younger self just starting out in the industry?
I've always been a naturally curious person and it's easy for me to over-commit to projects that pique my interest. I've learned over years of practice how to manage that, so to my younger self I’d say… prioritize the things that are most important, and then become amazing at those things.