ALLETE Clean Energy signed an acquisition agreement to purchase wind farms in Minnesota, Iowa and Oregon from The AES Corporation in early 2014 and has also signed an option agreement to acquire a fourth wind energy facility in Pennsylvania in mid-2015. Under the acquisition agreement, ALLETE Clean Energy would acquire AES’ position in operating wind energy projects in Lake Benton, Minn., Storm Lake, Ia., and Condon, Ore. with a total output of 231 MW for $27 million. All three wind farms to be acquired have PPAs in place for their entire electric output. Pursuant to the option agreement, ALLETE Clean Energy will have an option to acquire the 101-MW Armenia Mountain, Penn. wind farm. The acquisition is subject to customary closing conditions including FERC approval and is expected to close early 2014.
