Electricity utility Interstate Power and Light, a subsidiary of Alliant Energy, has successfully closed the sale of its transmission assets to ITC Midwest, a subsidiary of ITC Holdings, for a total consideration of $783 million.

With the closing of the transaction and settlement of closing adjustments, ITC Midwest has purchased Interstate Power and Light’s (IPL) transmission assets, including approximately 6,800 miles of 34.5kV and above transmission lines, substation facilities and transmission land rights.

IPL said that it will use the proceeds to pay a $400 million dividend to its parent company, Alliant Energy, and approximately $150 million to reduce short-term debt. The balance will be used for general corporate purposes.

Tom Aller, president of IPL, said: The sale of our company’s transmission assets is good for our customers, shareowners and our service area. ITC Midwest is committed to providing the transmission infrastructure necessary to enhance economic development and renewable energy opportunities throughout our service area.