Allete buys 3 US wind farms for USD27 million

November 11
9:42 PM 2013

Allete Clean Energy decided to buy three wind farms in the US from AES. The acquisition deal was valued at USD27 million and would be expected to be closed by early 2014, subject to customary closing conditions and approval from the Federal Energy Regulatory Commission. This was according to a report published by reNews.

The three wind farms were located at Lake Benton in Minnesota, Storm Lake in Iowa, and Condon in Oregon. The farms have a total output of 231MW and have already set purchase agreements. Allete also planned to buy a fourth wind farm in 2015, the report said.

Eric Norberg, Allete Clean Energy's president, said of the deal: "This transaction will deliver incremental cash flows and the potential for long-term earnings growth while positioning Allette Clean Energy in new markets. We plan to leverage these initial acquisitions as the business of renewable energy matures to the next level." 

Allete Clean Energy is a subsidiary of US power firm Allete. The company sought financial advise from Morgan Stanley on the deal for the three wind farms, reNews reported.

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