Gov. Terry Branstad, along with Lt. Gov. Kim Reynolds, announced the largest economic investment in Iowa history Wednesday afternoon in Des Moines.

MidAmerican Energy will invest $1.9 billion in Iowa for 656 new wind turbines, which will increase Iowa’s wind capacity to 1,050 Megawatts by end of 2015.

Branstad, who spoke at the American Wind Energy Association Windpower Conference in Chicago on Monday, welcomed the record-breaking investment in Iowa.

“As a leader in wind generation, the state of Iowa welcomes the opportunity to expand our renewable energy portfolio,” he said during a video press conference. “MidAmerican Energy’s proposed project will be the largest economic development investment in the history of the state, bringing needed jobs to Iowa, as well as significant economic benefits.”

Reynolds said the project would create approximately 460 construction jobs over a two-year period and an estimated 48 permanent jobs. However, the location of those jobs will depend on the sites selected for the turbines, which have not yet been determined.

President and CEO of MidAmerican Energy Bill Fehrman said the project, which also requires approval from Iowa Utilities Board, could reduce future rates for customers by as much as $10 million per year.