Alliant Units Sign $5.1B DOE-Guaranteed Loan: $3.5B IPL, $1.63B WPL at Treasury + 37.5bp
LNT is trading near its 52-week low of $62.54 (12% above the low) on light trading volume (0.2× avg).
Summary
Alliant's Iowa and Wisconsin utilities signed DOE-guaranteed loan facilities totaling $5.1 billion ($3.5 billion IPL, $1.63 billion WPL) priced at Treasury plus 37.5 basis points and maturing in 2056, funding up to 80% of eligible grid and generation project costs.
Key Events · Financing and Capital Events · LNT
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DOE-Guaranteed Facilities Signed
On October 26, 2026, WPL and IPL each entered loan guarantee agreements with the DOE and note purchase agreements with the Federal Financing Bank, supporting maximum guaranteed loan amounts of $1,626,488,000 for WPL and $3,500,000,000 for IPL.
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Pricing and Maturity Terms
Each advance bears interest at the applicable U.S. Treasury rate plus a 37.5 basis point spread, with Treasury-rate resets permitted. Final maturity is May 15, 2056, with WPL principal in four equal annual installments from May 15, 2053 and IPL principal in five installments from November 15, 2052.
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Draw Limits and Fees
Advances reimburse up to 80% of eligible project costs and may be requested once per quarter and four times per year through September 15, 2033. Facility fees run 0.40741% (WPL) and 0.24286% (IPL) of each advance, plus a $150,000 annual maintenance fee.
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Covenants and Prepayment Triggers
The agreements require 95% regulatory cost recovery on funded projects, tested two years after the availability period, and mandate prepayment on change of control, change in law, or projects ceasing to be eligible. A most-favored-nation clause imports better covenants granted to other senior lenders.
Analysis · LNT · Energy & Transportation
Cheap, long-dated federal money is now locked in for two Alliant utilities. On October 26, Interstate Power and Light and Wisconsin Power and Light signed loan guarantee agreements with the Department of Energy and note purchase agreements with the Federal Financing Bank, allowing draws of up to $3.5 billion and $1.63 billion, respectively. Each advance prices at the applicable Treasury rate plus 37.5 basis points, and the loans reach a May 15, 2056 final maturity, with principal amortization beginning in 2052-2053. For a capital-heavy regulated utility, that structure funds grid and generation projects at up to 80% of eligible costs while reducing reliance on shorter-term debt and equity issuance. The trade-off is a thick covenant package: a 95% regulatory cost-recovery test two years after the availability period, mandatory prepayment on change of control or change in law, and a most-favored-nation clause that pulls in any better covenants granted to other senior lenders. Nothing has been drawn yet — the facilities are commitments, and DOE can cancel if no first advance occurs within 18 months.
How filings like this one have moved
In the 30 days to Oct 28, 2026, 38.5% of the 1020 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.49%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, LNT was trading at $69.76 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $18.1B. The 52-week trading range was $62.54 to $78.81. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.