Alliant to receive $5.1 billion loan to boost energy reliability

TOWN OF BELOIT — The U.S. Energy Department announced it has awarded Alliant Energy a $5.1 billion loan package intended to spur new natural gas generation and storage projects.

The announcement came with a visit by U.S. Energy Secretary Chris Wright to Alliant’s gas-fired power plant in the Town of Beloit Wednesday morning. Wright said funding would be applied to projects that would expand capacity in fossil fuel resources that have built-in domestic infrastructure. The loan package is intended to strengthen grid reliability and reduce energy costs in Wisconsin and Iowa.

Wright said the package will lower power costs for residents by $1.2 billion during the loan’s 30-year term. The project will supply enough energy to power up to 2 million homes, according to a news release from the Energy Department.

Wright hammered home a bigger political point: Alliant will do it by leaning harder into natural gas and other traditional energy sources, while leaning away from some Biden-era clean-energy policies.

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