Allete, a US-based energy company, has completed the previously announced acquisition of New Energy Equity for $165.5 million. Allete signed a binding agreement to acquire 100 per cent of stake in New Energy Equity in March 2022.
New Energy Equity is a distributed solar developer based in Annapolis, Maryland, that has completed over 250 distributed solar projects in the US totaling over 330 MW. New Energy Equity has an approximately 2 GW project pipeline spread over 26 states in the US. Impact Power Solutions and Energy Support Services are two of its subsidiaries. New Energy Equity will continue to be headquartered in Maryland along with its entire management team. It will also continue to operate from its Roseville, Minnesota, and Boulder, Colorado offices.
In February 2022, Allete Clean Energy contracted to supply energy from its Caddo wind farm in Oklahoma to the Oshkosh Corporation and Hormel Foods. Under the agreement, Allete Clean Energy would supply the companies with 100 MW of electricity from its 303 MW Caddo wind farm. The site, located in Caddo County in southern Oklahoma, will have almost 110 wind turbines. It is currently under construction and is expected to be operational by the end of 2022.
