Citing tight credit markets and low natural gas prices, the renowned oil veteran, T. Boone Pickens, form Texas, has temporarily put on hold his plans of building the world’s biggest - 4,000-megawatt - wind farm in the Texas Panhandle.

Instead, he intends building three or four smaller wind farms, entailing a cost of nearly $2 billion, in the near future. In fact, Pickens’ company, Mesa Power, is already on the lookout for other projects that could make use of the wind turbines on order.

The future of the giant wind project actually appears to be hanging in balance – with Pickens saying that he was unsure whether he would ever revive the in the Texas Panhandle, the plans of which have been on papers for years. In an interview, talking about the mega project, Pickens said: “I think at this point anything’s possible.”

Unveiling the proposal for the gigantic wind farm – which would have catered to the power supply requirements of 1.3 million homes - in 2007, the legendary oilman had committed to reduce slash the country’s dependence on foreign oil, both due to wind power as well as the use of natural gas in vehicles.

For the first of four phases of the $10 billion project, Pickens ordered 667 wind turbines from General Electric in May; the delivery of which os scheduled in 2011.