January 9 (Renewables Now) - Allete Clean Energy, the wind unit of US energy company Allete Inc (NYSE:ALE) on Thursday said it raised tax equity financing for its 106-MW wind farm in North Dakota through a deal with JPM Capital Corporation.
As part of the deal, which took place on December 30, JPM Capital bought Class A passive membership interests in Great American West Wind LLC. As a result of the transaction, Allete Clean Energy will also be able to raise future funding for its 80-MW South Peak wind farm in Montana.
The Glen Ullin Energy Center, located near Bismarck, became operational last month. The wind farm sells the power it produces to utility Xcel Energy Inc (NASDAQ:XEL) under a 20-year power purchase agreement (PPA).
The South Peak wind park in Montana is expected to be commissioned in the next few weeks. It has a 15-year power purchase agreement (PPA) in place with utility NorthWestern Energy. JPM Capital will buy additional Class A passive membership interests in the farm when it becomes operational.