Two wholly owned subsidiaries of Allete have secured a total of nearly $350 million in tax equity financing in support of two recently completed wind energy sites.
Allete Clean Energy has sold Class A passive membership interests in Diamond Spring to FNBC Leasing, an affiliate of JPM Capital. The Diamond Spring wind site is a 303MW wind facility in southern Oklahoma, USA, that sells renewable energy to Walmart, Smithfield Foods and Starbucks through renewable energy sales agreements. It achieved full commercial operation in early December.
Allete South Wind also has secured tax equity financing from Bank of America in support of Nobles 2, a 250MW wind facility in south-western Minnesota, USA. The project is owned by Nobles 2 Power Partners, whose investors include Allete South Wind, energy company Tenaska and Bright Canyon Energy. Allete South Wind holds a 49% equity interest in the Nobles 2 wind site through its position in Nobles 2 Power Partners. The wind site delivers energy to Minnesota Power customers through a 20-year power purchase agreement, and also began commercial operations in early December.