Allete concludes acquisition of 108-MW US wind park
Wind farm in Iowa. Author: Carl Wycoff. License: Creative Commons, Attribution 2.0 Generic
Dec 18, 2014 - US company Allete Inc (NYSE:ALE) said today that its clean energy unit has completed the USD-15-million (EUR 12m) purchase of a 108-MW wind farm in Iowa from NRG Energy (NYSE:NRG).
More specifically, Allete Clean Energy (ACE) has bought the Storm Lake 1 wind park, which is adjacent to the 78-MW Storm Lake 2 plant that was acquired by ACE in January 2014. The newly-purchased wind farm comprises 144 turbines of 750 kW each, while Storm Lake 2 uses 104 machines with the same capacity. Both plants have five more years remaining under their current power purchase agreements (PPAs).
ACE closed the acquisition of Storm Lake 2 from AES Corp (NYSE:AES) at the end of January. The particular deal, worth some USD 26.9 million, involved the transfer of three wind farms with a combined capacity of 231 MW. ACE also has the option to acquire from AES the 101-MW Armenia Mountain wind park in Pennsylvania.
The latest buy is expected to build on Allete’s earnings in 2015.