ALLETE Clean Energy Acquires Southern Minnesota Wind Facility as Its Renewable Portfolio Expands to 437 Megawatts
April 16 2015 - 8:30AM
Business Wire
ALLETE Clean Energy, a subsidiary of ALLETE, Inc. (NYSE: ALE),
has acquired a combined 97.5 megawatt (MW) wind generation facility
near Lake Benton, Minn. for $47.5 million.
The facility is being purchased from a subsidiary of EDF
Renewable Energy. Located in southwest Minnesota in the proximity
of other ALLETE Clean Energy-owned wind turbines, the Chanarambie
and Viking wind farms being purchased consist of a total of 65
General Electric turbines producing electricity under existing
power purchase agreements with Northern States Power.
“Acquiring these productive renewable projects is consistent
with our growth strategy,” said ALLETE Clean Energy President Eric
Norberg. “This acquisition makes good sense from an efficiency
standpoint due to their proximity to the Lake Benton project we
acquired a year ago.”
In January of 2014, ALLETE Clean Energy closed on the purchase
of three wind farms from AES Corp. in three different states.
Included in that acquisition was a 104MW wind farm in Lake Benton,
approximately 20 miles from the Chanarambie-Viking facility. At the
same time, ALLETE Clean Energy signed an option to acquire a fourth
wind farm from AES, in Pennsylvania, in mid-2015.
In November of 2014, ALLETE Clean Energy finalized a major
development agreement with Montana-Dakota Utilities, a division of
MDU Resources Group (NYSE: MDU), acquiring the rights to develop a
107MW wind farm near Hettinger, N.D., and then sell the project to
Montana-Dakota for approximately $200 million. In December of 2014,
ALLETE Clean Energy finalized the acquisition of a wind generation
facility in Storm Lake, Iowa, adding another 108 megawatts to its
growing renewable energy portfolio.
“ALLETE Clean Energy is earning a name for itself by adding to
its portfolio of assets, renewable generation equipment and solid
power purchase agreements with established entities,” said ALLETE
Chairman, President and CEO Al Hodnik. “We envision more growth
opportunities ahead as the energy landscape evolves.”
EDF Renewable Energy is a leading U.S. independent power
producer with more than 25 years of expertise in project
development and operations and maintenance services. EDF Renewable
Energy is the U.S. subsidiary of EDF Energies Nouvelles, a French
renewable energy group.
ALLETE Clean Energy was established in 2011 to acquire or
develop capital projects to create energy solutions by way of wind,
solar, biomass, hydro, natural gas, and energy infrastructure,
clean coal technology and other emerging innovations.
ALLETE, Inc. is an energy company headquartered in Duluth, Minn.
ALLETE’s energy businesses include Minnesota Power, Superior Water,
Light & Power Co., BNI Coal, ALLETE Clean Energy and U.S. Water
Services. More information about the company is available at
www.allete.com.
The statements contained in this release and statements that
ALLETE may make orally in connection with this release that are not
historical facts, are forward-looking statements. Actual results
may differ materially from those projected in the forward-looking
statements. These forward-looking statements involve risks and
uncertainties and investors are directed to the risks discussed in
documents filed by ALLETE with the Securities and Exchange
Commission.
ALLETE, Inc.Amy Rutledge, 218-723-7400Manager - Corporate
Communicationsarutledge@allete.com
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