Alliant Energy announces plans for largest solar and battery facility in Iowa

Rhea-AI Summary

Alliant Energy has filed with the Iowa Utilities Board (IUB) to acquire 200 MW of solar energy and 75 MW of battery storage from the Duane Arnold Solar Project of NextEra Energy Resources. This initiative is part of its plan to develop 400 MW of solar generation in Iowa by 2024. Upon completion, Alliant Energy will be the largest operator of solar and battery storage in the state, contributing an estimated economic impact of $260 million, and creating 200 construction jobs. This aligns with its Clean Energy Blueprint, boosting renewable resources to nearly 50% by 2025.

Positive

• Acquisition of 200 MW solar energy and 75 MW battery storage enhances renewable energy capacity.
• Projected economic output of up to $260 million for Iowa creates significant local jobs.
• Positioning as the largest solar and battery storage operator in Iowa strengthens market position.
• Integration of existing infrastructure from a former nuclear site reduces development costs.

Negative

• Regulatory and permit approvals may delay project timelines.
• Increased construction costs and supply chain issues could impact profitability.

The company files its plan with IUB to acquire a portion of the Duane Arnold Solar Project from NextEra Energy Resources and to repurpose land from the former Duane Arnold nuclear energy site

CEDAR RAPIDS, Iowa, Nov. 02, 2021 (GLOBE NEWSWIRE) -- Today, in a filing with the Iowa Utilities Board (IUB), Alliant Energy (NASDAQ: LNT) announces plans for adding the first portion of its planned 400 megawatts (MW) of solar energy generation in Iowa. In the filing, Alliant Energy details its intent to acquire 200 MW of solar energy and 75 MW of battery energy storage from Phase I and II of the Duane Arnold Solar Project that will be developed by wholly owned, indirect subsidiaries of NextEra Energy Resources, LLC in Linn County.

Once operational, Alliant Energy will own and operate both projects. Today’s announcement is the first major milestone for Alliant Energy in executing its Clean Energy Blueprint in Iowa. Once operational, expected by year-end 2024, the project positions Alliant Energy as the largest combined solar and battery storage operator in the state.

Pairing battery storage with solar cost-effectively meets customer demand and ensures safe and reliable service for customers. The combination also contributes to a healthier environment and serves as a local economic catalyst as the company continues accelerating its transition to delivering cleaner, more renewable energy for customers and the communities Alliant Energy serves.

“It’s part of our purpose-driven strategy of serving customers and building stronger communities,” said Terry Kouba, president of Alliant Energy’s Iowa energy company. “Our plan also keeps customer affordability at the forefront. We are excited to transition land from the decommissioned nuclear facility into the largest solar and battery storage facility in Iowa.”

The development and construction of the 200 MW of solar energy and 75 MW of battery storage at the Duane Arnold Solar Project will create up to 200 new construction jobs. According to an economic impact study conducted by Strategic Economic Research, the two projects will have a projected combined positive economic output of up to $260 million on the state of Iowa (including up to $154 million in Linn County). That includes the cumulative ripple effects of new jobs, wages, tax revenue and other economic activity during construction and through the life of the projects.

The projects also repurpose a portion of the land and infrastructure at the former Duane Arnold nuclear energy facility. The existing transmission infrastructure already on the site is expected to be used.

“This is good for our customers, the communities we serve and the environment while powering tens of thousands of homes with solar energy,” said Mayuri Farlinger, director of operations at Alliant Energy. “In addition, these projects assure our customers we have a diverse mix of reliable energy generation to meet their ongoing demands.”

The company expects to outline plans for the remaining 200 MW of solar generation in Iowa at a future date. Once all the new projects are operational, combined with Alliant Energy’s existing 1,300 MW of wind generation in Iowa, nearly 50% of the company’s total resource mix in the state will be from renewable resources. Alliant Energy, the third largest owner-operator of regulated wind energy in the nation, is on pace to reach this milestone by 2025.

Alliant Energy filed its application with the Iowa Utilities Board today (November 2, 2021) to advance these projects. The announcement coincides with subsidiaries of NextEra Energy Resources’ filing to the IUB, which requests approval for siting of the facilities.

“We are very pleased to continue working with Alliant Energy and the community of Linn County, which we have been fortunate to serve for the past 15 years with the Duane Arnold Energy Center,” said Matt Handel, senior vice president of development for NextEra Energy Resources. “Duane Arnold Solar is an innovative project that pairs cost-effective, clean, renewable energy from the sun with battery energy storage technology – providing customers with more access to renewable energy over more hours of the day, even when the sun is not shining.”

“Alliant Energy and NextEra Energy Resources have a long history of collaborating to provide carbon-free sources of energy and energy generation to customers,” said Kouba. “These plans put us on course for achieving our aspirational goal of net-zero carbon dioxide emissions for the electricity we generate by 2050. Our customers, the local community and the environment will benefit from this solar and battery storage facility for decades to come.”

A decision from the IUB is anticipated in the second half of 2022. To learn more about Alliant Energy’s plans, visit alliantenergy.com/iowasolar.

Alliant Energy Corporation (NASDAQ: LNT) provides regulated energy service to 975,000 electric and 420,000 natural gas customers across Iowa and Wisconsin. Alliant Energy's mission is to deliver the energy solutions and exceptional service customers and communities count on – safely, efficiently and responsibly. Interstate Power and Light Company and Wisconsin Power and Light Company are Alliant Energy's two public energy companies. Alliant Energy is a component of the Nasdaq CRD Sustainability Index, Bloomberg’s 2020 Gender-Equality Index, and the S&P 500. For more information, visit alliantenergy.com and follow us on LinkedIn, Facebook, Instagram and Twitter.

This press release includes forward-looking statements. These statements can be identified because they include words such as “plans,” “expected,” “forecasts,” “will,” “expects,” or other words or expressions of similar import. Similarly, statements that describe future plans or strategies, our clean energy vision, transitioning our energy resources, planned resource additions, and future emissions reductions are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, the statements. Actual results could be materially affected by the following factors, among others: the inability to obtain regulatory approvals or necessary permits in a timely manner; state regulatory actions that delay or reject the proposed generation construction plans, or that include terms that make the future generation construction plans uneconomical, including rate recovery levels and returns on equity; the inability to obtain necessary equipment and labor in a timely manner; increased costs of equipment, commodities used in equipment, tariffs, labor and real estate; changes in tax laws that could impact the qualification of the solar projects for the expected level of investment tax credits; unanticipated construction issues, delays or expenditures; failure of equipment and technology to perform as expected; political conditions in Alliant Energy’s service territories; changes to Alliant Energy’s access to capital markets; adverse impacts resulting from the COVID-19 pandemic and responses to the pandemic; current or future litigation, regulatory investigations, proceedings or inquiries; and economic conditions in Alliant Energy’s service territory. These factors should be considered when evaluating the forward-looking statements and undue reliance should not be placed on such statements. The forward-looking statements included herein are made as of the date hereof and Alliant Energy and Interstate Power and Light Company undertake no obligation to update publicly such statements to reflect subsequent events or circumstances.

Media contact: Morgan Hawk (319) 786-4040
Investor relations contact: Zac Fields (319) 786-8146

FAQ

What is Alliant Energy's latest project related to solar energy?

Alliant Energy plans to acquire 200 MW of solar energy and 75 MW of battery storage from the Duane Arnold Solar Project.

How much economic impact will the Duane Arnold Solar Project have?

The project is expected to generate an economic impact of up to $260 million in Iowa.

When does Alliant Energy expect to complete the Duane Arnold Solar Project?

The project is anticipated to be operational by the end of 2024.

What is the significance of this project for Alliant Energy (LNT)?

Once operational, it will position Alliant Energy as Iowa's largest solar and battery storage operator.

How will the Duane Arnold Solar Project affect renewable energy in Iowa?

It will significantly contribute to Alliant Energy's goal of nearly 50% renewable resources by 2025.