ALLETE Clean Energy sells interest in Great American West Wind
ALLETE Clean Energy sold passive membership interests in Great American West Wind to JPM Capital in support of the South Peak wind site in Montana.
The Great American West Wind sale generated funding for ALLETE Clean Energy’s Glen Ullin Energy Center wind site in North Dakota. This facility began commercial operations in December 2019.
“Investors continue to look favorably upon our growth strategy in the wind sector, as demonstrated by this tax equity deal. High-quality projects like Glen Ullin and South Peak are successful in the tax equity market through a combination of relationships with respected counterparties, our development experience, use of the latest technology, and building trust with landowners in areas with first-rate wind resources,” ALLETE Clean Energy Chief Financial Officer Laura Schauer said. “We plan to follow this effective approach as we execute our strategy with future projects.”
The South Peak wind site is an 80-megawatt wind facility near Great Falls, Montana. It delivers power to NorthWestern Energy through a 15-year power sales agreement. Glen Ullin Energy Center is a 106-megawatt wind facility about 40 miles west of Bismarck that delivers power to Xcel Energy customers through a 20-year power sales agreement.
ALLETE Clean Energy, a subsidiary of ALLETE Inc., owns and operates approximately 740 megawatts of wind energy generation in six states.
“Completed amidst the historic COVID-19 pandemic, successful construction and closing major financing such as Great American West Wind demonstrate ALLETE Clean Energy’s adaptability and ability to deliver projects safely and efficiently. These clean-energy projects bring immediate and substantial economic benefits to the local host communities and provide our customers with carbon-free, sustainable energy sources,” ALLETE Clean Energy President Allan Rudeck Jr. said. “ALLETE Clean Energy is proud to bring customers what they want and industry what it needs, at a time of transformational change.”
