ALLETE Clean Energy, a wholly-owned subsidiary of ALLETE, has sold Class A passive membership interests in Great American West Wind LLC to JPM Capital Corp., in support of the Glen Ullin Energy Center wind site in North Dakota.
The Great American West Wind tax equity transaction also will generate future funding for ALLETE Clean Energy’s South Peak wind site in Montana, expected to begin producing energy in 2020.
“This tax equity deal highlights the appeal of our wind energy growth strategy among investors. The combination of high-quality projects like Glen Ullin and South Peak, respected counterparties, the latest technology, high-quality wind resources, and our development experience and relationships have led to success in the tax equity market. We plan to carry this winning formula forward on future projects,” says Allan S. Rudeck Jr., president of ALLETE Clean Energy.
“Transactions such as Great American West Wind help build the low-carbon economy of the future. The clean-energy projects they support also bring immediate and substantial economic benefits to the areas where they operate and the customers they serve,” he adds.
Glen Ullin Energy Center is a 106 MW wind facility about 40 miles west of Bismarck, N.D., that delivers power to Xcel Energy customers through a 20-year power purchase agreement.
ALLETE Clean Energy’s 80 MW South Peak wind site in Montana will sell power to NorthWestern Energy through a 15-year power purchase agreement. JPM Capital will purchase additional Class A passive membership interests when South Peak begins commercial operations.