ALLETE Clean Energy, a wholly owned subsidiary of ALLETE, sold Class A passive membership interests in Great American West Wind LLC to JPM Capital Corporation on April 29, 2020, in support of the South Peak wind site in Montana.
As announced in early January, the Great American West Wind LLC tax equity transaction also generated funding for ALLETE Clean Energy’s Glen Ullin Energy Center wind site in North Dakota, which 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,” says Laura Schauer, CFO at ALLETE Clean Energy.
“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. We plan to follow this effective approach as we execute our strategy with future projects,” she adds.
The South Peak wind site is an 80 MW wind facility near Great Falls that delivers power to NorthWestern Energy through a 15-year power sales agreement. It began commercial operation in mid-April.
Glen Ullin Energy Center is a 106 MW wind facility about 40 miles west of Bismarck that delivers power to Xcel Energy customers in the Upper Midwest through a 20-year power sales agreement.
“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,” says Allan S. Rudeck Jr., president of ALLETE Clean Energy.
“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 is proud to bring customers what they want and industry what it needs, at a time of transformational change,” he adds.
Photo: ALLETE Clean Energy’s landing page
Original source: North American Wind Power