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Press Release: Alliant Energy
February 22, 2005
MADISON, WI -- Alliant Energy Corporation (NYSE: LNT) announced Feb. 18 that it has successfully completed the
transfer of ownership of the Laguna del Mar development, a 870 acre master-planned resort community under construction
near Puerto Peñasco (Rocky Point), State of Sonora, Mexico.
This transfer of ownership to Alliant Energy from the original developers and owners took effect Feb. 18. Alliant
Energy loaned funds to the Laguna del Mar development project for the construction and operation of the utility
infrastructure.
“While we evaluated many options to exercise our remedies as lender to the development project, we ultimately determined
that proceeding with a transfer of ownership – rather than recouping our investment through legal action – was
the best route to maintain the value of our collateral. This will allow us to better protect the value and receive
a more favorable and timely return on our investment,” said Bill Harvey, Alliant Energy’s president and chief operating
officer.
“The company is currently analyzing several strategies, including possibly working with new developers, partnering
with others to develop the property, or finding buyers for the entire project,” Harvey said. “Laguna del Mar is
an excellent project with much potential in one of Mexico’s fastest-growing markets. While we are not in the resort
business, we intend to maximize the value of our collateral and hence the recovery of our investment.”
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Alliant Energy contact information: By phone: 1-800-ALLIANT (1-800-255-4268) By e-mail: customercare@alliantenergy.com By mail: Alliant Energy 4902 North Biltmore Lane P.O. Box 77007 Madison, WI 53707-1007