ALLETE gets $350 million in tax equity financing for Oklahoma wind project and others

 

The Diamond Spring wind farm in southern Oklahoma is one of two wind projects in which ALLETE Clean Energy was able to obtain $350 million in tax equity financing.

The Duluth, Minnesota company said it sold Class A passive membership interests in the Diamond Spring, LLC operation to FNBC Leasing Corporation, an affiliate of JPM Capital Corp.

The Diamond Spring wind farm, a 303-megawatt project that became operational last month near Ardmore sells renewable energy to Walmart, Smithfield Foods and Starbucks.

ALLETE also obtained tax equity for its Noble 2 project located in southwestern Minnesota. The 250-megawatt wind farm is owned by Nobles 2 Power Partners LLC whose investors include ALLETE South Wind, energy company Tenaska and Bright Canyon Energy.

“The successful closing on tax equity financing for these two wind sites signifies investors’ confidence in ALLETE’s sustainability in action strategy. That strategy is guiding us to a sustainable future as we answer the call to transform the nation’s energy landscape,” said ALLETE Chief Financial Officer Robert Adams.

ALLETE Clean Energy owns, operates, has in advanced construction and has delivered build-transfer projects totaling more than 1,450 megawatts of nameplate wind capacity across seven states including Oklahoma.

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