Alliant Energy closed on a $5.1 billion lower-interest loan package from the U.S. Department of Energy’s Office of Energy Dominance Financing.
Alliant projects up to $1.2 billion in cumulative customer savings resulting from projects the loan will help finance. In addition, the company projects more than 1,600 local jobs will be created during construction of the projects.
The projects will add enough electricity to power the equivalent of nearly 2 million homes—lowering costs and strengthening grid reliability in Iowa and Wisconsin. The investments will support new natural gas-fired power plants, energy storage systems, and upgrades to existing generation facilities.
“As energy needs continue to grow across the communities we serve, we are making smart, forward-looking investments to deliver safe, reliable and cost-effective energy for our customers,” said Lisa Barton, president and CEO of Alliant Energy. “This federally backed financing helps lower the cost of building the generation and critical energy infrastructure our customers depend on, while strengthening the grid and supporting long-term savings.”
Alliant Energy plans to use the funding to lower costs for constructing and upgrading resources under the company’s all-of-the-above approach to generation. All proposed projects will be advanced through a transparent regulatory process.
The federal financing commitment provides Alliant Energy access to up to $5.1 billion of lower-cost capital, subject to project advancement, qualification and financing terms.
With access to EDF financing, Alliant Energy may pursue, but is not limited to include the following projects:
- 1.6 GW of new natural gas generation
- 240 MW increased capacity at existing natural gas facilities
- 1 GW of energy storage
- 2 BCF of Liquified Natural Gas storage
