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Alliant Energy said Wednesday it closed a $5.1B loan package from the U.S. Department of Energy to expand power generation and energy storage in Iowa and Wisconsin.
The financing exceeds the conditional $3B loan proposed in January 2025 under the Biden administration. Alliant Energy plans to use the funding for new natural gas generation, upgrades to existing facilities and storage projects.
"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 President and CEO Lisa Barton said.
The company's plans include 1.6 GW of new natural gas generation and 240 MW of additional capacity at existing natural gas facilities. The package will also support 1 GW of energy storage and 2 Bcf of liquefied natural gas storage.
Alliant Energy said the loans will create hundreds of construction-related jobs and deliver more than 2.6 GW of new or upgraded power generation capacity.
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