ITC Midwest LLC, a subsidiary of ITC Holdings Corp., Friday signed an agreement worth $750 million to acquire Interstate Power and Light Co’s (IP&L) transmission assets. IP&L is a subsidiary of Alliant Energy.
IP&L’s transmission assets include 6,800 miles of transmission lines at voltages of 34.5kV or more, as well as 170 substations, located in Iowa, Minnesota and Illinois.
In addition to the IP&L transmission asset sale, Alliant Energy announced its “Energy for a New Generation” plan that involves the construction of a new baseload clean-coal generation plant and wind energy development in Iowa.
ITC Holdings expects to add 100 new jobs in Iowa and Michigan to facilitate growth, as well as 200 contract field jobs in Iowa, Minnesota and Illinois.
The transaction is expected to close in the fourth quarter 2007.