Blog Exposure - ALLETE Clean Energy to Build 80-Megawatt Wind Energy Project in Montana under Power Sale Agreement with NorthWestern Energy
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LONDON, UK / ACCESSWIRE / March 19, 2018 / Active-Investors.com has just released a free research report on ALLETE, Inc. (NYSE: ALE). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=ALE as the Company's latest news hit the wire. On March 15, 2018, the Company announced that its wholly-owned subsidiary, ALLETE Clean Energy ("ACE") planned to build, own, and operate an 80-megawatt wind energy facility near Great Falls, Montana. The electricity produced from this site will be supplied to NorthWestern Energy under a power sale agreement. The project is expected to expand ACE's wind energy capacity to over 700 megawatts and its network across six states. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, ALLETE most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
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The financial and other terms of the deal were not disclosed.
Details of the Montana Wind Energy Facility
ACE plans to construct the wind energy facility at the South Peak project, which it acquired from Peak Clean Energy. The Company expects that the project will be online by late 2019, and plans to supply the electricity produced from this facility to NorthWestern Energy under a 15-year power sale agreement. ACE plans to build the South Peak project near NorthWestern Energy's existing wind energy farm, Spion Kop. The Company plans to utilize GE's wind turbines and supply the electricity to NorthWestern's transmission grid using a direct connection. The requisite landowner agreements and project design are already in place.
ACE has purchased certain wind turbines in 2016 and plans to utilize some of them for this project that meets the standards for the production tax credit ‘safe harbor' provision, and which are eligible for federal renewable energy production tax credits. The ‘safe harbor' provision allows ACE to implement a three-pronged production tax credit strategy. Under this strategy, the Company will build and operate new wind farms based on long-term power sale agreements, build wind farms for other Companies via a build, and transfer structure and revamping existing wind energy facilities while extending power sale agreements.
Management Quotes
Commenting on the power sale agreement with NorthWestern Energy, Al Rudeck, President of ACE said:
"This expansion of our portfolio across the high-quality northern wind corridor demonstrates the power of our growth strategy which leverages our capabilities to build lasting partnerships that advance, construct, and operate renewable facilities across North America. We are excited to establish a positive and lasting relationship with the state of Montana, the local community, and landowners as part of the South Peak project."
Sharing his views on the use of GE's wind turbines for the South Peak project, Pete McCabe, President and Chief Executive Officer (CEO) of GE's Onshore Wind Business stated:
"We are delighted that ALLETE Clean Energy has selected GE's advanced technology 2.X MW platform for this project, along with a 15-year servicing agreement. ALLETE shares our unwavering commitment to renewable energy, and this is another great example of how we can work together to deliver affordable, sustainable power to communities across the US."
About ALLETE Clean Energy
Duluth, Minnesota-based ACE is a subsidiary of ALLETE and is an independent power producer and supplier. The Company was established in 2011 to acquire or develop capital projects to create energy solutions by way of wind, solar, biomass, hydro, natural gas, shale resources, clean coal technology, and other emerging innovations.
ACE had disclosed in 2017 that it plans to build, own, and operate a 106-megawatt wind energy facility in Morton and Mercer counties in North Dakota, and develop the Thunder Spirit II wind farm expansion near Hettinger, North Dakota. The Company plans to supply electricity from the facility in Morton and Mercer counties to Northern States Power, while the electricity from Thunder Spirit II wind facility will be supplied to Montana-Dakota Utilities. The Montana-Dakota Utilities has recently exercised its option to purchase the expansion project. ACE plans to start construction on both these projects in FY18. The Company has six wind energy facilities, each with existing power sale agreements, located in Minnesota, Iowa, Oregon, and Pennsylvania.
About ALLETE Inc.
Duluth, Minnesota-based ALLETE is an established and reliable provider of competitively-priced energy in the upper Midwest, and invests in transmission infrastructure and other energy-centric businesses. In addition to its electric utilities, the businesses owned by the Company include Minnesota Power, and Superior Water, Light, and Power of Wisconsin, ALLETE Clean Energy, BNI Energy, US Water Services, and an 8% stake in the American Transmission Co.
Stock Performance Snapshot
March 16, 2018 - At Friday's closing bell, ALLETE's stock rose 2.29%, ending the trading session at $71.07.
Volume traded for the day: 564.00 thousand shares, which was above the 3-month average volume of 453.25 thousand shares.
Stock performance in the last month – up 4.44%; and past twelve-month period – up 6.62%
After last Friday's close, ALLETE's market cap was at $3.63 billion.
Price to Earnings (P/E) ratio was at 22.74.
The stock has a dividend yield of 3.15%.
The stock is part of the Utilities sector, categorized under the Diversified Utilities industry. This sector was up 0.8% at the end of the session.
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