Allete sold in $6.2 billion deal to Canadian pension board

Allete President and CEO Bethany M. Owen posed for a portrait in the board room in the ALLEETE headquarters in 2020. She will remain at the helm of th

Two major wind farms in Oklahoma will be under new ownership under a multi-billion dollar deal announced this week.
Allete Inc., based in Minnesota was just bought in a $6.2 billion deal by a Canadian pension board and an investment fund.
Under the acquisition by Canada’s pension board and the large investment fund, Duluth-based Allete would be shifted to a private company and be in the hands of investment firms out of state. However, the transaction will need approval of regulators and shareholders reported the Minneapolis Star Tribune.
Allete Clean Energy, part of Allete Inc. opened and operated the 303-megawatt Diamond Spring wind park in southeast Oklahoma and the Caddo wind park in western Oklahoma. The Diamond Spring wind park is located in Johnston and Pontotoc Counties while the Caddo wind park is in Caddo County. Both provide electrical power to Fortune 500 companies.
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