Alliant Energy Resources Inc., announced plans yesterday topartner with Corn Products International Inc., a major cornrefiner, to build a 750-MW “co-generation” facility near Chicago,IL. The plant, which will be called Argo Power LLC, will produceenough electricity to serve 225,000 average homes when completed inthree years.
“This joint effort with Corn Products International offers along-term solution that addresses challenges across the country inmeeting growing demands for electricity,” said Jim Hoffman,executive vice president of business development for the CedarRapids, IA-based Alliant Energy Resources, a subsidiary of AlliantEnergy Corp.
The state-of-the art facility will use combined-cycle technologyand natural gas to produce electricity and steam for use in CornProducts’ industrial processes. “Our large use of steam makeselectrical co-generation the best economic choice.
The plant will be constructed on land owned by Corn Products inBedford Park and Summit, IL, for an estimated $415 million.Construction will begin in the summer of 2001, and is expected tobe completed by 2003. The two partners expect the majority of theproject to be financed through non-recourse debt to be incurred byArgo Power LLC.
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