For any dg algebra $A$ we construct a closed model category structure on dg $A$-modules such that the corresponding homotopy category is compactly generated by dg $A$-modules that are finitely generated and free over $A$ (disregarding the differential). We prove that this closed model category is Quillen equivalent to the category of comodules over a certain, possibly nonconilpotent dg coalgebra, a so-called extended bar construction of $A$. This generalises and complements certain aspects of dg Koszul duality for associative algebras.