ALE ALLETE Inc.

Minnesota Power Advances EnergyForward with Request for Proposals for up to 300 Megawatts of Solar Energy

Minnesota Power, a utility division of ALLETE Inc. (NYSE: ALE), took an important step in advancing its EnergyForward vision for 100% carbon-free energy with the issuance of a Request for Proposals (RFP) for up to 300 megawatts of regional solar energy to come online by 2027.

The RFP follows Minnesota Power’s 2021 Integrated Resource Plan approved by the Minnesota Public Utilities Commission, which calls for the company to acquire up to 300 megawatts of regional solar generation capacity. The procurement of solar through this RFP will increase Minnesota Power’s solar portfolio by tenfold and provide customers with renewable energy that will help the company and state meet carbon-free goals in the coming decades.

As part of its EnergyForward strategy for a carbon-free energy future, Minnesota Power seeks cost-effective solar resources that are within its service territory with direct interconnections to the company’s transmission system, with a preference for projects in communities that have generation resources impacted by the company’s decarbonization plans.

The RFP strives to maximize the regional economic benefits of solar development, including preferences for diverse bidders and requirements for using union labor, local labor for construction and permanent staffing, and the development of apprenticeship programs.

“As we demonstrated with our three recent regional solar projects, this RFP reflects our commitment to creating opportunities for our communities during the clean-energy transformation,” said Minnesota Power Chief Operating Officer Josh Skelton. “We’re seeking projects that will create local construction jobs and tax base in communities, train people for the future and generate renewable energy for our customers. Getting this energy transformation right means building a truly sustainable future where everyone can thrive.”

Minnesota Power will consider multiple power supply options to meet its customers’ solar resource needs, including build-own-transfer and power purchase agreement projects along with self-build projects.

Proposals will be accepted through Jan. 5, 2024. to learn more or to file a proposal.

In the coming weeks, Minnesota Power will be releasing a notice for another RFP for up to 400 megawatts of wind as identified in the 2021 Integrated Resource Plan approval.

Minnesota Power provides electric service within a 26,000-square-mile area in northeastern Minnesota, supporting comfort, security and quality of life for 150,000 customers, 14 municipalities and some of the largest industrial customers in the United States. More information can be found at .

ALE-CORP

The statements contained in this release and statements that ALLETE may make orally in connection with this release that are not historical facts, are forward-looking statements. Actual results may differ materially from those projected in the forward-looking statements. These forward-looking statements involve risks and uncertainties and investors are directed to the risks discussed in documents filed by ALLETE with the Securities and Exchange Commission.

EN
15/11/2023

Underlying

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

Reports on ALLETE Inc.

 PRESS RELEASE

ALLETE Board of Directors declares dividend on common stock

DULUTH, Minn.--(BUSINESS WIRE)-- The ALLETE, Inc. (NYSE:ALE) board of directors has declared a quarterly dividend of 70.50 cents per share of common stock. On an annual basis the dividend is equivalent to $2.82 per share, unchanged from the previous quarter. The regular quarterly dividend is payable June 1 to common stock shareholders of record at the close of business May 15, 2024. ALLETE Inc. is an energy company headquartered in Duluth, Minnesota. In addition to its electric utilities, Minnesota Power and Superior Water, Light and Power of Wisconsin, ALLETE owns ALLETE Clean Energy, b...

 PRESS RELEASE

ALLETE Recognized for Gender Diversity on Board and Among Executive Of...

DULUTH, Minn.--(BUSINESS WIRE)-- ALLETE, Inc. (NYSE:ALE) has been named an Honor Roll company of Special Distinction in an annual report on gender diversity in the executive ranks and on the boards of directors of the largest publicly traded companies in Minnesota. St. Catherine University conducts the research each year and the resulting report, called “,” is published by Twin Cities Business. For 2023, ALLETE was among nine companies to qualify for Special Distinction status and one of only three companies to have reached gender parity on both their boards and among their executive officer...

 PRESS RELEASE

ALLETE to Announce First Quarter Financial Results May 9

DULUTH, Minn.--(BUSINESS WIRE)-- ALLETE Inc. (NYSE:ALE) will announce its financial results for the first quarter before the stock markets open on Thursday, May 9, 2024. Following the release, ALLETE Chair, President and Chief Executive Officer Bethany M. Owen, and Senior Vice President and Chief Financial Officer Steven W. Morris will present an overview of results and discuss other factors related to performance during a conference call beginning at 10 a.m. Eastern time. Interested parties may participate in the conference call live by registering at , or by accessing the listen-only webca...

 PRESS RELEASE

ALLETE, Inc. reports 2023 earnings of $4.30 per share; clean energy tr...

DULUTH, Minn.--(BUSINESS WIRE)-- ALLETE, Inc. (NYSE: ALE) today reported 2023 earnings of $4.30 per share on net income of $247.1 million and operating revenue of $1.9 billion. Reported results from 2022 were $3.38 per share on net income of $189.3 million and operating revenue of $1.6 billion. “We are very pleased with our solid financial results in 2023 and our team’s execution of strategic initiatives that will drive strong earnings growth and investment in clean energy for years to come,” said ALLETE Chair, President, and Chief Executive Officer Bethany Owen. “ALLETE’s Sustainability in ...

 PRESS RELEASE

Minnesota Power advances EnergyForward with request for proposals for ...

DULUTH, Minn.--(BUSINESS WIRE)-- Minnesota Power, a utility division of ALLETE Inc. (NYSE: ALE), has issued a Request for Proposals (RFP) for up to 400 megawatts of wind energy to come online by the end of 2027, an important milestone in advancing its EnergyForward vision for 100% carbon-free energy. The RFP follows Minnesota Power’s 2021 Integrated Resource Plan approved by the Minnesota Public Utilities Commission, which calls for the company to acquire up to 300 megawatts of solar energy that is being evaluated in a separate RFP and 400 megawatts of wind generation. The procurement of win...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch