ALLETE Clean Energy (ACE) agreed to acquire 100 percent of AES Armenia Mountain Wind, (Armenia Mountain) a 100.5-MW wind facility near Troy, Pa., from AES and a non-controlling interest from a minority shareholder for a total of $108 million, plus the assumption of existing debt. ACE had an option to purchase the Armenia Mountain facility, which was exercised on April 1; a purchase agreement with AES was signed April 30. Closing is expected in July 2015. All the facility's energy output is sold through existing PPAs that extend through 2025.
ALLETE Clean Energy
ALLETE Clean Energy (ALLETE) finalized the acquisition of Storm Lake 1, a wind generation facility in Storm Lake, Iowa, adding another 108 MW to its renewable energy portfolio. ALLETE paid $15 million to NRG Energy to acquire the facility, which is adjacent to Storm Lake 2, a 78-MW wind farm purchased by ALLETE earlier this year. Both Storm Lake installations use 750 kW Zond turbines and are adjacent to each other in northwest Iowa.
Montana-Dakota Utilities, a division of MDU Resources Group, signed an agreement to purchase a North Dakota wind farm to be developed by ALLETE Clean Energy. The wind project, located near Hettinger, N.D., and comprised of 43 turbines producing 107.5 MW of electricity, is anticipated to be completed in December 2015. The project's cost is approximately $200 million and the purchase is subject to regulatory approvals.
ALLETE Clean Energy (ALLETE) finalized the purchase of wind farms in Minnesota, Iowa and Oregon from AES. ALLETE acquired the operating wind energy projects for $27 million and all three wind farms - with a total output of 231 MW - have PPAs in place for their entire electric output. ALLETE also signed in November an option agreement to acquire a fourth wind farm from AES in mid-2015. Pursuant to that option agreement, ALLETE will have an option to acquire the 101MW Armenia Mountain, Penn., wind farm.
ALLETE Clean Energy signed an acquisition agreement to purchase wind farms in Minnesota, Iowa and Oregon from The AES Corporation in early 2014 and has also signed an option agreement to acquire a fourth wind energy facility in Pennsylvania in mid-2015. Under the acquisition agreement, ALLETE Clean Energy would acquire AES’ position in operating wind energy projects in Lake Benton, Minn., Storm Lake, Ia., and Condon, Ore. with a total output of 231 MW for $27 million. All three wind farms to be acquired have PPAs in place for their entire electric output.