ALLETE Finalizes Acquisition Of Three Wind Farms From AES

NAW Staff, Friday 31 January 2014 - 10:58:34

ALLETE Clean Energy, a subsidiary of ALLETE Inc., has finalized the purchase of operating wind farms in Lake Benton, Minn., Storm Lake, Iowa, and Condon, Ore., from The AES Corp. for $27 million.

All three wind farms - with a total output of 231 MW - have power purchase agreements in place for their entire electric output. Since the acquisition agreement was announced in November 2013, customary closing conditions have been met, including approval from the Federal Energy Regulatory Commission, ALLETE says.

“With this acquisition, ALLETE Clean Energy will establish core infrastructure that will allow us to expand to other wind or similar clean energy projects,” comments Eric Norberg, president of ALLETE Clean Energy. “It’s a significant and diverse first step in the implementation of new energy-centric projects.”

Most of the current AES employees who operate and maintain the three wind farms have opted to join ALLETE Clean Energy. The three facilities will be overseen by Dave Leveille, who was named director of asset management for ALLETE Clean Energy at the beginning of this year.

In November 2013, ALLETE Clean Energy also signed an option agreement to acquire a fourth wind farm - the 101 MW Armenia Mountain, Penn., project - from AES in mid-2015.





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