Energy Department closes $5.1 billion loan to Alliant Energy for Iowa, Wisconsin power

WASHINGTON, Oct 28 — The U.S. Department of Energy's (DOE) Office of Energy Dominance Financing (EDF) on Oct 28 announced the financial close of a $5.1 billion loan package to Alliant Energy, which the department said will add more than 2.6 gigawatts (GW) of new or upgraded generation capacity in Iowa and Wisconsin.

The department said the investments will deliver more than $1 billion in electricity cost savings for families and businesses across both states. It said the projects will add enough electricity to power the equivalent of nearly 2 million homes.

According to DOE, the loan will support new natural gas-fired power plants, energy storage systems and upgrades to existing generation facilities. The department said the projects will create hundreds of construction-related jobs.

"These investments will drive down energy costs for families and businesses in Iowa and Wisconsin, strengthen our nation's electric grid, and fuel American prosperity for decades to come," U.S. Secretary of Energy Chris Wright said.

DOE said the announcement advances President Trump's Executive Order Strengthening the Reliability and Security of the United States Electric Grid.

The department said the loan is the Trump Administration's tenth financial close, and the sixth and seventh utility financing completed through the Energy Dominance Financing Program.

EDF Director Gregory A. Beard said the office is putting capital to work to expand reliable energy infrastructure.