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New Co-Generation Plant Eyed for Midwest
Alliant Energy Resources Inc. announced plans last week to partner with Corn Products International Inc., a major corn refiner, to build a 750 MW "co-generation" facility near Chicago, IL. The plant, which will be called Argo Power LLC, will produce enough electricity to serve 225,000 average homes when completed in three years.
"This joint effort with Corn Products International offers a long-term solution that addresses challenges across the country in meeting growing demands for electricity," said Jim Hoffman, executive vice president of business development for the Cedar Rapids, IA-based Alliant Energy Resources, a subsidiary of Alliant Energy Corp.
The state-of-the art facility will use combined-cycle technology and natural gas to produce electricity and steam. The facility also will capture heat from the generator exhaust, which then would be used to produce high-pressure steam for use in Corn Products' industrial processes.
"Our large use of steam makes electrical co-generation the best economic choice. Now, rather than release the heat directly into the atmosphere, the heat from the generators will be used in our industrial processes at the Corn Products' Argo facility," said Mike Pyatt, vice president of Corn Products International.
The plant will be constructed on land owned by Corn Products in Bedford Park and Summit, IL, for an estimated $415 million. Construction will begin in the summer of 2001, and is expected to be completed by 2003. The two partners expect the majority of the project to be financed through non-recourse debt to be incurred by Argo Power LLC.
Alliant Energy Resources provides electric, natural gas, water and steam services to more than two million customers worldwide.`
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