| ALLETE Clean Energy Acquires Wind Farm in Pennsylvania - Analyst Blog | |
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ALLETE Clean Energy, a wholly-owned subsidiary of ALLETE, Inc. ALE, announced that it has closed the acquisition of a 100.5-megawatt (“MW”) Pennsylvania-based wind farm, Armenia Mountain, from The AES Corporation AES.
Closure of the acquisition followed a purchase agreement between the two companies signed on Apr 30, 2015. ALLETE Clean Energy exercised an option to purchase the wind facility from AES Corp. on Apr 1.
Through the deal, ALLETE Clean Energy purchased the wind facility, located near Troy, PA, along with a non-controlling interest from a minority shareholder for $108 million, in addition to the assumption of existing debt.
The wind facility has 67 General Electric Company GE turbines installed in 2009. Output from the facility is sold through existing power purchase agreements that expire through 2025.
The Armenia Mountain acquisition marks the seventh wind facility in ALLETE Clean Energy’s portfolio. It increased ALLETE’s total operating wind assets controlled by ALLETE Clean Energy and Minnesota Power (another unit of the company) to more than 1,000 MW.
In April this year, ALLETE Clean Energy also acquired a combined 97.5-MW wind generation facility, comprising the Chanarambie and Viking wind farms, from a unit of EDF Renewable Energy. The transaction was valued at $47.5 million. The two wind farms jointly have 65 turbines, manufactured by General Electric. (Read More: ALLETE (ALE) Unit Buys 97.5 MW Wind Farms in Minnesota)
These initiatives will enable ALLETE to meet stringent environmental regulations pertaining to carbon emissions during electricity generation.
Currently, ALLETE carries a Zacks Rank #3 (Hold). Enersis S.A. ENI sporting a Zacks Rank #1 (Strong Buy) is one of the better-ranked stocks in the industry at the moment. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report AES CORP (AES): Free Stock Analysis Report ENERSIS S A ADR (ENI): Free Stock Analysis Report GENL ELECTRIC (GE): Free Stock Analysis Report ALLETE INC (ALE): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research
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Clean Energy Fuels
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CODE : CLNE |
ISIN : US1844991018 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Clean Energy is based in United states of america. Clean Energy is listed in Germany and in United States of America. Its market capitalisation is US$ 458.5 millions as of today (€ 410.8 millions). Its stock quote reached its highest recent level on September 05, 2014 at US$ 9.99, and its lowest recent point on March 13, 2020 at US$ 1.05. Clean Energy has 151 085 558 shares outstanding. |