Allete, the Minnesota-based renewable energy company with at least two wind farms in Oklahoma, has a new owner.
The company was sold in a $6.2 billion deal to the Canada Pension Plan Investment Board and Blackrock’s Global Infrastructure Partners
- The Minnesota Public Utilities Commission on Friday unanimously approved the $6.2 billion sale of Allete to the Canada Pension Plan Investment Board and Blackrock’s Global Infrastructure Partners, finding the benefits of the deal to ratepayers outweighed the risks of private equity ownership.
- “It’s pretty clear that because of the collective work of the agency, of us, our staff, the process we’ve engaged in, in a public and legal manner, we have made the petition better, and it will be to the betterment of Minnesota Power customers,” Katie Sieben, Minnesota PUC chair, said.
- Duluth, Minnesota-based Allete — parent to Minnesota Power and Superior Water, Light and Power — expects the deal will close later this year after the PUC issues a written order.
ALLETE Clean Energy developed the Caddo wind site in south-central Oklahoma in 2020-21. Caddo produces energy for McDonald’s and OshKosh Corp. through power purchase agreements. Caddo and Diamond Spring are ALLETE Clean Energy’s two largest wind sites.
The Diamond Spring wind project is near Ardmore.
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