Wind farm in Oklahoma. Author: U.S. Department of Agriculture. License: Creative Commons, Attribution 2.0 Generic
The clean energy subsidiary of Allete Inc (NYSE:ALE) has bought the 300-MW Caddo wind project in Oklahoma, thus nearly tripling its total wind capacity in four years.
Allete Clean Energy has acquired the particular project from Apex Clean Energy for an undisclosed sum. The wind park will be built at a site in Caddo County where between 60 and 110 turbines will be erected. The buyer said it will provide for this project a portion of the safe harbour turbines it had secured previously.
The asset comes with plans to sell power to three Fortune 500 corporate customers.
“When the Caddo wind project comes online, we expect nearly half of our total wind capacity will be sold into the corporate market with strong, creditworthy off-takers and under long-term contracts,” said Allan S Rudeck Jr, president of Allete Clean Energy.
The Caddo wind farm is seen to become operational by the end of next year. Including it, Allete Clean Energy’s total installed wind capacity will exceed 1,300 MW.