DULUTH, Minn.--(BUSINESS WIRE)--ALLETE Clean Energy, a wholly owned subsidiary of ALLETE (NYSE: ALE), has acquired the Caddo wind project in Oklahoma from Apex Clean Energy, including plans to sell energy to three Fortune 500 corporate customers.
The 300-megawatt Caddo site will double ALLETE Clean Energy’s capacity to serve the accelerating corporate demand for clean energy. The project is in Caddo County in southern Oklahoma.
“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 ALLETE Clean Energy President Allan S. Rudeck Jr. “Our total wind capacity also will have nearly tripled in four years. We’re honored to help corporate customers reduce their carbon footprint and reach their clean energy goals. We’re also proud to be working with Apex Clean Energy again, and we will work together to finalize development with local residents, landowners and policymakers, and build assets that position ALLETE Clean Energy for long-term growth.”
The Caddo wind project is expected to be operational by the end of 2021, and will use a portion of ALLETE Clean Energy’s wind turbines that qualify for the safe harbor provision of federal renewable energy production tax credits. ALLETE Clean Energy retains safe harbor turbines and is exploring additional opportunities to put more of them to use for customers.
“Apex and ALLETE have fostered a strong partnership, and we are thrilled to once again work together, in tandem with leaders in corporate procurement, to bring a project to life that will expand the clean energy market,” said Mark Goodwin, president and CEO of Apex Clean Energy. “Caddo Wind embodies the traits of an ideal wind project—including an exceptional wind resource and access to transmission—at a time when the market for renewable energy is surging to new heights.”
Caddo’s approximately 60-110 turbines will produce enough energy to power the equivalent of about 110,000 homes, and increase ALLETE Clean Energy’s total installed wind capacity to more than 1,300 megawatts. ACE’s recent growth has been accomplished by reaching new commercial and industrial customers through the Diamond Spring and Caddo projects in Oklahoma.
“This acquisition of the Caddo project highlights ALLETE’s strategy of growing through sustainability in action and focusing closely on our customers,” said ALLETE President and CEO Bethany Owen. “The project is another example of ALLETE Clean Energy’s commitment to providing clean energy solutions for customers, while driving growth and shareholder value for ALLETE. With more safe harbor turbines on hand, ALLETE Clean Energy’s growth prospects are strong as it balances its energy generation between the utility and corporate customer markets.”
ALLETE Clean Energy acquires, develops and operates clean and renewable energy projects. ALLETE Clean Energy currently owns, operates, and is constructing and commissioning approximately 1,340 megawatts of nameplate capacity wind energy generation across seven states, all contracted under PSAs of various durations. ALLETE Clean Energy also engages in the development of wind energy facilities to operate under long-term PSAs or for sale to others upon completion.
ALLETE Inc. is an energy company headquartered in Duluth, Minnesota. In addition to its electric utilities, Minnesota Power and Superior Water, Light and Power of Wisconsin, ALLETE owns ALLETE Clean Energy, based in Duluth; BNI Energy in Bismarck, North Dakota; and has an 8 percent equity interest in the American Transmission Co. More information about ALLETE is available at www.allete.com. ALE-CORP
The statements contained in this release and statements that ALLETE may make orally in connection with this release that are not historical facts, are forward-looking statements. Actual results may differ materially from those projected in the forward-looking statements. These forward-looking statements involve risks and uncertainties and investors are directed to the risks discussed in documents filed by ALLETE with the Securities and Exchange Commission.
