Grant County Solar Project completion marks milestone in Wisconsin clean energy

Rhea-AI Summary

Alliant Energy has completed the 200-MW Grant County Solar Project in Potosi, Wisconsin, marking the culmination of its 12 utility-scale solar projects totaling 1,089 MW in the state. The project will generate electricity for over 50,000 homes annually and contribute to powering nearly 300,000 homes with zero-fuel-cost solar energy. This initiative has created over 2,700 jobs and is expected to generate $30 million in new shared revenue for the local community. Additionally, the project includes 350 acres of native pollinator habitat. Alliant Energy plans to develop 275 MW of energy storage to complement its renewable energy efforts and aims for net-zero greenhouse gas emissions by 2050.

Positive

• Completion of a 200-MW solar project capable of powering 50,000 homes annually.
• Total of 1,089 MW solar projects in Wisconsin, enhancing clean energy.
• Creation of more than 2,700 jobs across all projects.
• Estimated $30 million in new shared revenue for Grant County and town.
• 350 acres of native pollinator habitat as part of the project.
• Plans to develop 275 MW of energy storage capacity.
• Commitment to achieve net-zero greenhouse gas emissions by 2050.

Negative

• High initial investment costs for the solar and storage projects.
• Dependence on favorable regulatory policies for renewable energy success.
• Potential risks associated with the long-term maintenance of solar panels and storage units.
• The economic benefits may take decades to fully materialize for local stakeholders.

Insights

Financial Analyst

Alliant Energy's completion of the Grant County Solar Project underscores a significant financial and strategic milestone for the company. By successfully adding a 200-MW solar array, Alliant Energy increases its renewable energy capacity, aligning with its broader goal of achieving net-zero greenhouse gas emissions by 2050. The completion of this project will likely strengthen investor confidence due to the increased service reliability and cost-effective energy production.

This project is expected to generate $30 million in new shared revenue for the county and town, which translates to a positive economic impact on local communities. This, combined with more than 2,700 jobs created across Alliant Energy's solar projects, demonstrates a robust commitment to economic and environmental sustainability. For investors, these factors could enhance the company’s long-term growth prospects and shareholder value.

The company's strategy to diversify its energy mix also provides a hedge against fossil fuel volatility, potentially stabilizing future earnings. However, investors should consider the upfront costs and ongoing maintenance expenses associated with such large-scale renewable projects, which may affect short-term profitability. Nevertheless, from a long-term perspective, this investment could lead to significant cost savings and revenue growth.

Environmental Policy Analyst

The successful completion of the Grant County Solar Project highlights Alliant Energy's leadership in the renewable energy sector. The project, which spans over 1,400 acres and hosts more than 430,000 solar panels, not only generates clean energy but also features nearly 350 acres of native pollinator habitat. This indicates a comprehensive approach to environmental stewardship, which can have lasting ecological benefits.

From a policy standpoint, this large-scale solar project aligns with regional and national goals of reducing greenhouse gas emissions. The project’s estimated ability to power 50,000 homes annually with zero-fuel-cost solar energy is a notable contribution towards a cleaner energy grid. Additionally, the planned development of 275 MW of energy storage capacity will enhance the reliability of renewable energy, addressing one of the major challenges in the sector.

For investors, the project's environmental and economic benefits may translate into positive public sentiment and potential regulatory advantages, such as tax incentives and subsidies. This can further solidify Alliant Energy’s market position as a forward-thinking utility provider.

The 200-MW project caps Alliant Energy’s historic solar buildout to benefit customers and communities

MADISON, Wis.--(BUSINESS WIRE)-- Alliant Energy announced it successfully completed constructing its Grant County Solar Project. The 200-megawatt (MW) solar array in Potosi, Wisconsin, can generate enough electricity to power more than 50,000 homes annually.

The project’s completion is the culmination of Alliant Energy’s multi-phase buildout of 12 utility-scale solar projects in Wisconsin totaling 1,089 MW. This investment in a more diverse energy generation mix created more than 2,700 jobs across all projects. It improves service reliability and enables Alliant Energy to power nearly 300,000 homes annually with zero-fuel-cost solar energy.

“The successful completion of the Grant County Solar Project is a milestone achievement on our journey toward a cleaner, more reliable and cost-effective energy future,” said Lisa Barton, president and CEO of Alliant Energy. “Investing in a diverse energy mix is just one way we add value for customers while sustaining the economic and environmental health of the communities we serve. Together, with our customers, local communities and construction partners, we are making Wisconsin’s energy future brighter than ever.”

Encompassing over 1,400 acres, the Grant County Solar Project site hosts more than 430,000 solar panels and features nearly 350 acres of native pollinator habitat. Alliant Energy expects the site will generate an estimated $30 million in new shared revenue for the county and town over the life of the project.

“I’ve seen the benefits of this solar project in the community firsthand,” said Dave Fritz, a local business owner and participating landowner. “Solar lease payments help local landowners like me diversify our income and preserve our land’s value for the future. In terms of economic impact, the Grant County Solar Project delivered on its promise of jobs and will benefit local taxpayers for decades thanks to the added shared revenue payments.”

Alliant Energy contracted with a subsidiary of NextEra Energy Resources, LLC to construct the Grant County Solar Project. Construction began in September 2022, employing more than 700 workers. The influx of jobs helped maximize the local economic benefit of the project.

“Part of our commitment to an efficient and reliable energy future means making more renewable sources of energy accessible," said Anthony Pedroni, vice president of renewables and storage development at NextEra Energy Resources. "This solar energy project reflects the shared commitment we have with Alliant Energy to deliver cost-effective clean energy solutions that benefit communities and the environment.”

The announcement underscores Alliant Energy's role as a leader in the clean energy transition. In addition to being Wisconsin’s largest owner and operator of solar energy generation, Alliant Energy plans to develop nearly 275 MW of energy storage capacity to complement its renewable portfolio. This includes the 100-MW Grant County Battery Project that will also be located at the Grant County Solar Project site.

Through the investments outlined in the company’s Clean Energy Blueprint, Alliant Energy is diversifying its generation portfolio, improving energy security and working to achieve net-zero greenhouse gas emissions from utility operations by 2050.

About Alliant Energy

Alliant Energy Corporation (NASDAQ: LNT) provides regulated energy service to 1 million electric and 425,000 natural gas customers across Iowa and Wisconsin. Alliant Energy's mission is to deliver energy solutions and exceptional service customers and communities count on – safely, efficiently and responsibly. Interstate Power and Light Company (IPL) and Wisconsin Power and Light Company (WPL) are Alliant Energy's two public energy companies. Alliant Energy is a component of Bloomberg’s Gender-Equality Index and the S&P 500.

For more information, visit alliantenergy.com and follow Alliant Energy on LinkedIn, Facebook, Instagram and X.

This release includes forward-looking statements. These statements can be identified because they include a word such as “expect” 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 necessary equipment and labor in a timely manner; access to and cost increases of materials, equipment and commodities including due to tariffs, duties or other assessments, such as any additional tariffs resulting from U.S. Department of Commerce investigations into the sourcing of solar project materials and equipment from certain countries, labor issues or supply shortages, the ability to successfully resolve warranty issues or contract disputes, the ability to achieve the expected level of tax benefits based on tax guidelines and project costs, and the ability to efficiently utilize the renewable generation and storage project tax benefits for the benefit of customers; governmental actions that delay or reject the proposed generation construction plans, or that include terms that make the future generation construction plans uneconomical; 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; 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 Wisconsin Power and Light Company undertake no obligation to update publicly such statements to reflect subsequent events or circumstances.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240531336183/en/

Media contact: Tony Palese (608) 458-3132 | tonypalese@alliantenergy.com

Source: Alliant Energy Corporation

FAQ

What is the capacity of Alliant Energy's Grant County Solar Project?

The Grant County Solar Project has a capacity of 200 megawatts (MW).

How many homes can the Grant County Solar Project power?

The Grant County Solar Project can power more than 50,000 homes annually.

How many utility-scale solar projects has Alliant Energy completed in Wisconsin?

Alliant Energy has completed 12 utility-scale solar projects in Wisconsin.

What is the total megawatt capacity of Alliant Energy's solar projects in Wisconsin?

Alliant Energy's solar projects in Wisconsin have a total capacity of 1,089 MW.

How much new shared revenue is expected from the Grant County Solar Project?

The Grant County Solar Project is expected to generate $30 million in new shared revenue.

How many jobs were created by Alliant Energy's solar projects?

Alliant Energy's solar projects created more than 2,700 jobs.

What additional features are included in the Grant County Solar Project site?

The site includes 350 acres of native pollinator habitat.

What are Alliant Energy's future plans for energy storage?

Alliant Energy plans to develop 275 MW of energy storage capacity.

What is Alliant Energy's goal for greenhouse gas emissions?

Alliant Energy aims to achieve net-zero greenhouse gas emissions by 2050.