The US Department of Energyโs (DOE) Office of Energy Dominance Financing (EDF) has completed the Alliant Energy loan, a USD 5.1 billion loan package to expand and upgrade electricity generation infrastructure in Iowa and Wisconsin. The investments are expected to add more than 2.6 gigawatts (GW) of new or upgraded power generation capacity and deliver over USD 1 billion in electricity cost savings for households and businesses across the two states.
The financing will support the development of natural gas-fired power plants, energy storage systems and improvements to existing generation facilities. Together, the projects are expected to provide enough electricity to power the equivalent of nearly 2 million homes and create hundreds of construction-related jobs.
Loan Supports Power Generation and Storage Expansion
The financial close advances the objectives of the executive order titled Strengthening the Reliability and Security of the United States Electric Grid, which calls for dependable electricity infrastructure to meet growing demand and support energy security.
The investment package combines new generation development with upgrades to existing facilities and energy storage deployment. The planned additions are expected to increase available electricity supply while supporting the operation of the regional power grid in Iowa and Wisconsin.
US Secretary of Energy Chris Wright said the financing would support electricity infrastructure development and reduce costs for consumers and businesses.
โThe Energy Department is delivering on President Trumpโs promise to lower electricity costs and unleash the full potential of American energy,โ said US Secretary of Energy Chris Wright. โThese investments will drive down energy costs for families and businesses in Iowa and Wisconsin, strengthen our nationโs electric grid, and fuel American prosperity for decades to come.โ
Financing Adds to DOE Utility Loan Programme
EDF Director Gregory A. Beard said the completed financing would help expand the country’s electricity infrastructure through investment in additional generation capacity.
โThanks to President Trump and Secretary Wrightโs leadership, EDF is putting capital to work to expand Americaโs reliable energy infrastructure,โ said EDF Director Gregory A. Beard. โBy bringing new, dependable power online, we are strengthening our nationโs energy security and lowering electricity costs for families and businesses across Iowa and Wisconsin.โ
The Alliant Energy loan marks the administrationโs tenth financial close and the sixth and seventh utility financings completed through the Energy Dominance Financing Program.
The DOE said its financing programme supports energy and manufacturing projects intended to contribute to US energy security, grid reliability and lower electricity costs, while managing taxpayer funds.