Alliant Energy announces six new solar projects in Wisconsin

Rhea-AI Summary

Alliant Energy (NASDAQ: LNT) plans to acquire 675 megawatts (MW) of solar energy projects across six Wisconsin counties, including Grant and Sheboygan. These projects, part of their Clean Energy Blueprint, will power approximately 175,000 homes and create over 1,200 local construction jobs. Expected local tax revenues from these projects could reach $80 million over 30 years. The company will file for regulatory approval and anticipates a decision by mid-2021, aiming to reduce carbon emissions by 40% and avoid over $2 billion in costs for customers.

Positive

• Acquisition of 675 MW solar projects expected to power 175,000 homes.
• Projected creation of over 1,200 construction jobs in local communities.
• Anticipated $80 million in local tax revenues over 30 years.
• Part of broader strategy to reduce carbon emissions by 40%.

Negative

• Subject to regulatory approvals, which could delay project timelines.
• Potential impacts from cost increases for equipment and labor.

MADISON, Wis., May 26, 2020 (GLOBE NEWSWIRE) -- Alliant Energy (NASDAQ: LNT) announces plans to acquire and advance 675 megawatts (MW) of solar in mostly rural areas in six Wisconsin counties: Grant, Jefferson, Richland, Rock, Sheboygan and Wood. The projects are the next step in the company's Clean Energy Blueprint, a strategic roadmap to cost-effectively accelerate renewable energy while reducing carbon emissions.

Once operational, the energy from the projects will be enough to power 175,000 homes per year – making Alliant Energy the largest owner-operator of solar in Wisconsin. Collectively, these projects are expected to create more than 1,200 local construction jobs, and, once operational, will provide an estimated $80 million in local tax revenues over the next 30 years.

“Solar energy is a smart investment for our Wisconsin customers,” said David de Leon, President of Alliant Energy's Wisconsin energy company. “At a time when much is changing, these projects will provide steady revenue to Wisconsin communities, create new construction, operation and maintenance jobs, and provide our customers with reliable and sustainable energy for years to come. Along with the rest of the Clean Energy Blueprint, these projects will help customers avoid more than $2 billion in long-term costs.”

Alliant Energy previously announced its plan to install 1,000 MW of solar generation in Wisconsin by 2023; the projects announced today mark the first phase of that plan and include:

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33%; width:33%; min-width:33%;">Location	34%; width:34%; min-width:34%;">Size	33%; width:33%; min-width:33%;">Developer
Grant County	200 megawatts	NextEra Energy Resources
Sheboygan County	150 megawatts	Ranger Power
Wood County	150 megawatts	Savion
Jefferson County	75 megawatts	Ranger Power
Rock County	50 megawatts	Geronimo Energy
Richland County	50 megawatts	Savion

The transition to solar energy is driven by changing economics for generation, customer sustainability goals, improvements in renewable technology and the company’s commitment to sustainable practices. The projects, along with the recently announced retirement of the Edgewater Generating Station in Sheboygan, further Alliant Energy’s goal of reducing carbon dioxide emissions from fossil-fueled generation by 40 percent.

This week, Alliant Energy will file a Certificate of Authority application with the Public Service Commission of Wisconsin (PSCW) to acquire and advance these projects; docket number 6680-CE-182. The company expects a PSCW decision in the first half of 2021.

For more information about Alliant Energy's Wisconsin Clean Energy Blueprint visit poweringwhatsnext.alliantenergy.com/clean-energy.

This press release includes forward-looking statements. These forward-looking statements can be identified because they describe future solar generation plans including future in-service dates and cost savings or include words such as “plans,” “expected,” “will” and words of similar import. Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those currently anticipated. Actual results could be affected by such factors as: the inability to obtain regulatory approvals or necessary permits in a timely manner; state regulatory actions that delay or reject the proposed solar generation construction plans, or that include terms that make the future generation construction plans uneconomical; adverse interpretation or enforcement of regulatory or permit conditions; ability to obtain necessary equipment and labor in a timely manner; increased costs of equipment, commodities used in equipment, labor and real estate; changes in tax laws that could impact the qualification of the solar projects for the full level of investment tax credits; unanticipated construction issues, delays or expenditures; failure of equipment and technology to perform as expected; current or future litigation, regulatory investigations, proceedings or inquiries that could impede the implementation of Alliant Energy's plans; 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; 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 Wisconsin Power and Light Company undertake no obligation to update publicly such statements to reflect subsequent events or circumstances.

Alliant Energy’s Wisconsin energy company, based in Madison, Wis., provides service to 480,000 electric and 195,000 natural gas customers. The company’s mission is to deliver the energy solutions and exceptional service customers and communities count on – safely, efficiently and responsibly. Alliant Energy (NASDAQ: LNT) is a component of the Nasdaq CRD Sustainability Index, Bloomberg’s 2019 Gender-Equality Index, and the S&P 500. For more information, visit alliantenergy.com and follow us on LinkedIn, Facebook, Instagram and Twitter. 

Media contact: Cindy Tomlinson (608) 458-3869
Investor contact: Susan Gille (608) 458-3956

FAQ

What are Alliant Energy's plans for solar energy in Wisconsin?

Alliant Energy plans to acquire 675 MW of solar projects, which will power approximately 175,000 homes.

How many jobs will the solar projects create?

The solar projects are expected to create over 1,200 local construction jobs.

What is the anticipated tax revenue from the new solar projects?

The projects are expected to generate approximately $80 million in local tax revenues over 30 years.

When will Alliant Energy file for regulatory approval for the solar projects?

Alliant Energy plans to file a Certificate of Authority application this week, expecting a decision in the first half of 2021.

What is the goal of Alliant Energy's Clean Energy Blueprint?

The Clean Energy Blueprint aims to accelerate renewable energy while reducing carbon emissions and avoiding over $2 billion in costs for customers.