The NBA announced the move Monday.
This is the first season the teams have been paired as affiliates to develop young players. The Timberwolves had been paired with the Sioux Falls Skyforce for the previous seven seasons.
The Iowa Energy are entering their seventh season in the NBDL. The team, owned by a group of Iowa businessmen, won the NBDL title in 2011.
The franchise tied a league record with four consecutive playoff appearances from 2008-2011.