Alliant Energy has unveiled plans to invest about $1bn to expand its wind energy operations in the US state of Iowa.

The company's Iowa utility is seeking regulatory approval to expand its Whispering Willow wind farm in Franklin County. It also plans to develop wind energy in other areas of the state.

Within a period of five year, the company seeks to add up to 500MW of clean energy to meet the needs of customers in the most economic manner. It is also pursuing to increase renewable energy tax credits to benefit its customers.

The new project is part of the company’s vision for clean energy. By 2030, the company plans to reduce carbon dioxide emissions by 40%.

Alliant Energy says that the new project can generate tens of millions of dollars in terms of property taxes and can create up to 1500 jobs during the peak of the project construction and boost the Iowan economy in the process.

Alliant Energy’s Iowa utility (Interstate Power and Light) president Doug Kopp said: “Our customers expect low-cost, clean energy, which is exactly what this project will bring to the communities we serve. “Wind has no fuel costs and zero emissions, making it a win-win for Iowans and the Iowa economy.”

Alliant Energy had put up requests for proposals of more wind generation in June this year. Its Iowan utility had applied for advanced ratemaking principles for expanding the Whispering Willow and other locations for potential wind farms.

It says that if the advanced ratemaking principles which have been applied for are accepted, Alliant Energy might have to reprioritise certain components of its current 2016 – 2019 construction expenditure plan to adjust for this investment.