Alliant Energy and Infrastructure & Energy Alternatives enter into definitive agreement regarding sale of RMT, Inc. Transaction expected to close in January 2013
MADISON, Wis. and CHICAGO, Dec. 12, 2012 /PRNewswire/ -- Alliant Energy Corporation (NYSE: LNT) announced today that it has entered into a definitive agreement to sell RMT, Inc. (RMT), its renewable energy services subsidiary, to Infrastructure and Energy Alternatives, LLC (IEA).
"We announced our intent earlier this year to sell the RMT business because our belief was that RMT would be best served by an owner whose operations were better aligned with RMT's engineering and construction business," said Patricia Kampling, Alliant Energy Chairman, President and CEO. "We are pleased that we found a partner in IEA that offers a good fit for RMT and can move the business forward successfully."
IEA is a leading provider of engineering, procurement and construction services to a variety of markets including renewable energy and fossil generation across North America. RMT will become a subsidiary of IEA working in their renewable energy group along with existing IEA subsidiary White Construction, Inc. RMT's headquarters will remain in Madison, Wis.
"This transaction strategically strengthens our customer base and the services we provide in the renewable energy market," said Paul Daily, Chief Executive Officer of IEA. "We will leverage RMT's industry leading engineering and project development group across all IEA companies and its long history of safely providing the highest quality construction of utility-scale clean energy generating facilities and high-voltage transmission lines in 26 states positions IEA for continued growth in North American renewable energy and infrastructure services markets."
UBS Investment Bank advised Alliant Energy on the transaction. Subject to customary closing conditions, the acquisition is expected to close in January 2013.
About Alliant Energy Corporation
Alliant Energy Corporation (NYSE: LNT), headquartered in Madison, Wis., provides regulated electric and natural gas service to approximately one million electric and 412,000 natural gas customers in more than 1,300 communities across Iowa, Wisconsin and Minnesota. Alliant Energy's mission is to deliver the reliable energy and exceptional service customers and communities count on – safely, efficiently, and responsibly. Interstate Power and Light Company and Wisconsin Power and Light Company are Alliant Energy's two public utility subsidiaries. For more information, visit www.alliantenergy.com.
About Infrastructure & Energy Alternatives, LLC
Infrastructure & Energy Alternatives, LLC is a holding company established to acquire and manage industry-leading businesses for significant and sustainable growth opportunities in the energy, water and environmental infrastructure services markets across North America. For more information, visit www.iea.net.
About RMT, Inc.
RMT is a leading EPC contractor specializing in the design and construction of wind and solar electric energy generating facilities and high-voltage transmission lines. RMT's experienced construction crew is backed by in-house engineering and development support professionals. RMT's EPC renewable energy portfolio includes over 5,000 MW. The company is headquartered in Madison, Wisconsin. For more information, visit www.rmtinc.com.
This press release contains forward-looking statements which can be identified because they use words such as "expected" and "plans." These statements are subject to certain risks and uncertainties including our ability to close the transaction; general economic and business conditions; and future business decisions by IEA. Undue reliance should not be placed on these statements. The forward-looking statements included herein are made as of the date hereof and Alliant Energy undertakes no obligation to update publicly such statements to reflect subsequent events or circumstances.
SOURCE Alliant Energy Corporation