NEW YORK ( CNN ) -- Billionaire oil man T. Boone Pickens is shelving plans to build the world 's largest wind farm . T. Boone Pickens says the capital markets will not support his plans to build the world 's largest wind farm . The chairman of BP Capital Management announced Tuesday that his plans for the Pampa Wind Project , designed to generate 4,000 megawatts of electricity using thousands of wind turbines , is on hold . `` I had hoped that Pampa would be the starting point , but transmission issues and the problem with the capital markets make that unfeasible at this point , '' Pickens told CNN 's Ali Velshi . `` I expect to continue development of the Pampa project , but not at the pace that I originally expected . '' The Pickens Plan was an attempt to wean the United States off foreign oil and switch to wind and natural gas . The project was to be set in four Texas Panhandle counties . Pickens said he faced hurdles in routing the power from Texas to a distribution system . His plans were also stymied by a plunge in natural gas prices and a tightening credit market . `` The capital markets have dealt us all a setback , and I 'm less aggressive with the Panhandle project than I have been , '' Pickens said . Watch Pickens respond to criticism that the U.S. ca n't shake it 's oil addiction » . He said he was still committed to 667 wind turbines that he has already ordered and would find homes for them . The Texas billionaire pushed The Pickens Plan in television commercials and lobbying efforts that started last summer . Pickens had hoped to complete his $ 12 billion plan in 2014 and provide enough electricity to power 1.3 million homes . Renewable energy is the source of only a small portion of electricity used today , but in 2008 , the United States became the world 's leading provider of wind power . Pickens , 81 , made his fortune in oil production and trading and is listed in Forbes magazine as the 117th richest person in the United States with a net worth of about $ 3 billion in 2007 .
T. Boone Pickens shelves plans for the world 's largest wind farm . Pampa Wind Project in Texas Panhandle was to have powered 1 million homes . He says transmission issues , capital constraints make project unfeasible . In 2008 , United States became world 's leading provider of wind power .