Allete Clean Energy is buying three wind farms in Minnesota, Iowa and Oregon from the AES Corp.
Allete Clean Energy, a subsidiary of Duluth, Minn.-based Allete Inc. (NYSE: ALE) is paying $27 million for the projects, in Lake Benton, Minn., Storm Lake, Ia., and Condon, Ore. The company has also agreed to buy a wind energy facility in Pennsylvania in mid-2015.
All three of the wind farms have power purchase agreements in place for their electric output.
Allete created Allete Clean Energy in 2011 to develop and acquire energy projects, including wind, solar, biomass, hdyro, natural gas, shale and clean coal technology. The company has other subsidiaries, including Minnesota Power, Superior Water Light & Power Co. and BNI Coal.
Other recent alternative energy deals include Sempra U.S. Gas & Power’s acquisition of a wind project in Nebraska, and D.E. Shaw Renewable Investments LLC and Bright Plain Renewable Energy’s deal for five solar projects.