Allete Clean Energy has signed an acquisition agreement to purchase wind farms in Minnesota, Iowa and Oregon from 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 231MW for US$ 27 million. All three wind farms to be acquired have power purchase agreements in place for their entire electric output. The acquisition is subject to customary closing conditions including FERC approval and is expected to close early 2014. Morgan Stanley is acting as financial advisor for this transaction.