CEDAR RAPIDS, Iowa, Dec. 7 /PRNewswire-FirstCall/ -- Interstate Power and Light Co. (IPL), a subsidiary of Alliant Energy Corporation announced today that it has acquired a wind development site located in north central Iowa from Wind Capital Group, LLC.
(Logo: http://www.newscom.com/cgi-bin/prnh/20020405/LNTLOGO)
The site, located in Franklin County, near Hampton, Iowa has the potential to produce up to 200 megawatts of emissions-free wind-generated electricity when completely developed. The acquisition represents IPL's first company-owned wind generation site.
IPL expects to invest approximately $360 to $440 million to add up to 200 megawatts of company-owned wind generation in Iowa by 2010. The company continues to explore various sites across its Iowa and Minnesota service areas for wind development opportunities. IPL expects to begin construction on the first 100 megawatts of wind generation in 2009.
IPL is currently in negotiations with several wind turbine manufacturers to support the company's wind generation initiatives. The company expects to finalize a purchase agreement with the selected turbine manufacturer in the first half of 2008.
Governor Chet Culver said, "Iowa now ranks third in the nation in wind energy production. When combined with our leadership in ethanol and bio-diesel production, Iowa is the nation's undisputed renewable energy leader. With IPL's announcement, we further cement our position, and demonstrate once again Iowa's commitment to renewable energy, and to jobs in this growth industry."
"We are pleased to play a role in expanding Iowa's role as the leader in renewable energy," explains Tom Aller, president of IPL. "The acquisition of this site located in the heartland of Iowa provides a significant economic development opportunity for our company and the state of Iowa. Wind generation is critical to our company's long-term generation growth strategy and continues to serve as the centerpiece of Iowa's growing renewable energy economy. Combined with our proposed Sutherland Generating Station Unit 4 (SGS Unit 4), IPL will be well positioned to provide our future generation of customers with safe, reliable and environmentally responsible energy service."
"Our company recognizes the tremendous environmental benefits of wind generation," says Kim Zuhlke, vice president of new energy resources for Alliant Energy. "We look forward to developing this wind site as our company continues to aggressively seek safe, reliable and environmentally friendly alternative sources of energy on behalf of our customers. Wind generation is central to our company's ability to provide a balanced energy supply portfolio."
Wind generation remains a critical component of IPL's overall generation mix. Currently, approximately four percent of IPL's electric energy is derived from wind generation. As a result, IPL is the largest purchaser of wind energy in the State of Iowa. Currently, IPL has approximately 255 MW's of wind capacity under contract in its energy supply portfolio.
In addition to the company's wind generation investments, IPL announced its Energy for a New Generation plan in January 2007. The generation plan includes IPL and its partners' addition of SGS Unit 4 in Marshalltown, Iowa, which will provide enough energy to power approximately 472,500 homes and businesses when operational.
SGS Unit 4 is a 630 megawatt generating station designed with hybrid technology. The hybrid technology will support Iowa's growing renewable energy economy by utilizing switch grass, corn stalks or other similar agriculturally based products as fuel, reducing the amount of coal burned at the facility. The facility will be designed to utilize ten percent of these products. An additional 19 megawatt equivalent of steam cogeneration will be available for use by nearby industries.
The super-critical pulverized boiler technology is expected to maximize operating efficiency, resulting in significant reductions in emissions for each megawatt of energy produced when compared to older boiler technologies that are currently deployed at other generating facilities in Iowa.
Alliant Energy is an energy-services provider with subsidiaries serving approximately 1 million electric and over 420,000 natural gas customers. Providing its customers in the Midwest with regulated electric and natural gas service is the company's primary focus. Interstate Power and Light, the company's Iowa utility subsidiary, serves 526,000 electric and 232,000 natural gas customers. Alliant Energy, headquartered in Madison, Wis., is a Fortune 1000 company traded on the New York Stock Exchange under the symbol LNT. For more information, visit the company's Web site at http://www.alliantenergy.com/.
This press release includes forward-looking statements. These forward-looking statements can be identified as such because the statements include words such as "expects," "plans," or other words of similar import. Similarly, statements that describe future plans or strategies are also forward-looking statements. 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: state regulatory actions which delay, prevent or alter the proposed wind farm and/or SGS Unit 4, including inability to obtain all necessary approvals; unsuccessful negotiations for the purchase of turbines; unanticipated construction issues, delays or expenditures; changes to IPL's access to capital markets; political conditions in IPL's service territories; current or future litigation, regulatory investigations, proceedings or inquiries that could impede the implementation of IPL's plans; failure of equipment and technology to perform as expected; and economic conditions in IPL's service area. 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 IPL undertake no obligation to update publicly such statements to reflect subsequent events or circumstances.
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