ALLETE Clean Energy Acquires Pennsylvania Wind Facility
July 02 2015 - 8:30AM
Business Wire
ALLETE Clean Energy (ACE), a wholly-owned subsidiary of ALLETE,
Inc. (NYSE:ALE), has closed on the purchase of a 100.5-megawatt
(MW) Pennsylvania wind farm from The AES Corporation (AES).
ACE acquired the wind facility near Troy, Pennsylvania, called
Armenia Mountain from AES and a non-controlling interest from a
minority shareholder for a total of $108 million, plus the
assumption of existing debt.
ALLETE Clean Energy exercised an option to purchase the facility
on April 1 and signed a purchase agreement with AES on April
30.
Located in the busy PJM electricity market near the New
York-Pennsylvania border, Armenia Mountain consists of 67 General
Electric turbines installed in 2009. All of the facility’s energy
output is sold through existing power purchase agreements that
extend through 2025. It is the seventh wind facility in ACE’s
portfolio. The company will operate the facility and the 11 onsite
employees have been hired by ACE.
“We look forward to entering the vibrant Eastern U.S. market for
renewable energy,” said ALLETE Clean Energy President Eric Norberg.
“We want to build upon our operational and entrepreneurial
experience to add strategic locations.”
ACE was established in 2011 to acquire or develop capital
projects to create energy solutions by way of wind, solar, biomass,
hydro, natural gas, shale resources, clean coal technology and
other emerging energy innovations. ALLETE’s combined portfolio of
operating wind assets controlled by ACE and Minnesota Power now
totals more than 1,000 MW.
“This latest acquisition further builds momentum at our clean
energy subsidiary and demonstrates that ALLETE continues to
effectively execute its multi-year, multi-faceted growth strategy
as the market evolves and our company answers the call of the
nation’s changing energy landscape,” said Alan R. Hodnik, ALLETE
chairman, president and CEO.
ALLETE, Inc. is an energy company headquartered in Duluth,
Minnesota. In addition to its electric utilities, Minnesota Power
and Superior Water, Light and Power of Wisconsin, ALLETE owns
ALLETE Clean Energy, based in Duluth, Minnesota, BNI Coal in
Center, North Dakota, U.S. Water Services in St. Michael,
Minnesota, and has an eight percent equity interest in the American
Transmission Co. More information about ALLETE 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. 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20150702005088/en/
ALLETE, Inc.Amy Rutledge, 218-348-2961Manager - Corporate
Communicationsarutledge@allete.com
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