Interstate Power and Light Co. (IP&L), a subsidiary of Alliant Energy Corp., has agreed to sell its transmission assets located in Iowa, Minnesota and Illinois to ITC Midwest LLC, a newly-formed subsidiary of ITC Holdings Corp.
According to IP&L, the company anticipates that the proceeds from the sale will be used to help fund its infrastructure development plan - Energy for a New Generation. The plan includes investments in wind power projects that will be built in Iowa.
"Combined with the sale of IP&L's transmission assets, the Energy for a New Generation plan will help provide customers with reliable, affordable and environmentally friendly energy into the future," says Bill Harvey, Alliant Energy's chairman, president and chief executive officer.
In addition, ITC Holdings plans to build additional transmission lines to support increasing electricity demand and growing interest in renewable energy resources in Iowa and Minnesota, including the states' growing wind power industry, the company says.