Allete Clean Energy has agreed to acquire the entire equity of the 100-megawatt AES Armenia Mountain wind farm at Troy, Pennsylvania from AES Corp for US$108 million.
The amount includes assumption of an unspecified debt. He deal is expected to close in July. The project located in the busy PJM electricity market near the New York-Pennsylvania border.
Armenia Mountain comprises 67 sets of 1.5-MW General Electric wind turbines were installed in 2009. The project’s entire output is sold through existing power-purchase agreements that extend through 2025.
This is the fourth wind facility ACE has acquired from AES and the seventh in its portfolio. “This acquisition continues our steady growth, with ACE’s operating assets to total 540MW,” said Allete Clean Energy President Eric Norberg. “By moving into a different area of the country with a thriving renewable energy market, ACE builds upon its operational and entrepreneurial experience.”
Morgan Stanley is acting as financial advisor to Allete Clean Energy for the transaction. Allete Clean Energy was established in 2011 to acquire or develop clean energy projects.