ALLETE Clean Energy Secures Tax Equity Funding for Its Two Newest Wind Sites

09 Jan 2020

ALLETE Clean Energy, a wholly owned subsidiary of ALLETE (NYSE: ALE), sold Class A passive membership interests in Great American West Wind LLC to JPM Capital Corporation on Dec. 30, 2019, in support of the Glen Ullin Energy Center wind site in North Dakota.

The Great American West Wind LLC tax equity transaction also will generate future funding for ALLETE Clean Energy’s South Peak wind site in Montana, expected to begin producing energy in the next few weeks. Glen Ullin Energy Center began commercial operations in December 2019.

“This tax equity deal highlights the appeal of our wind energy growth strategy among investors. The combination of high-quality projects like Glen Ullin and South Peak, respected counterparties, the latest technology, high-quality wind resources, and our development experience and relationships have led to success in the tax equity market. We plan to carry this winning formula forward on future projects,” said ALLETE Clean Energy President Allan S. Rudeck Jr. “Transactions such as Great American West Wind help build the low-carbon economy of the future. The clean-energy projects they support also bring immediate and substantial economic benefits to the areas where they operate and the customers they serve.”

As reported on Dec. 10, 2019, Glen Ullin Energy Center is a 106-megawatt wind facility about 40 miles west of Bismarck in Morton and Mercer counties that delivers power to Xcel Energy customers in the Upper Midwest through a 20-year power sales agreement. It will employ about 10 people during operation, and provide property tax and other business benefits to area communities and lease payments to landowners.

ALLETE Clean Energy’s 80-megawatt South Peak wind site in Montana will sell power to NorthWestern Energy through a 15-year power sales agreement. JPM Capital Corporation will purchase additional Class A passive membership interests when South Peak begins commercial operations.

ALLETE | http://www.allete.com