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MarketScreener Homepage  >  Equities  >  Nyse  >  ALLETE Inc    ALE

ALLETE INC

(ALE)
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ALLETE : Clean Energy Celebrates Record-setting Construction Year during American Wind Week

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08/14/2019 | 10:27am EDT

ALLETE Clean Energy, a wholly owned subsidiary of ALLETE (NYSE: ALE), is in the middle of its biggest wind energy construction year as it celebrates this week's American Wind Week.

ALLETE Clean Energy is poised to nearly double its carbon-free wind capacity to more than 1,000 megawatts with three new wind farms under construction in 2019 and 2020. Its renewable wind projects will support the economies of local, rural communities in seven states with jobs, taxes, donations and volunteer activities.

New projects include the Diamond Spring wind site in Oklahoma that will sell renewable wind power to Walmart, Starbucks and Smithfield Foods; Diamond Spring will be the largest wind facility owned by ALLETE Clean Energy - producing enough power for 114,000 homes, and increasing ALLETE Clean Energy's total wind capacity to approximately 1,000 megawatts at 9 sites. Other projects are the Glen Ullin wind site in North Dakota that will sell energy to Northern States Power, an Xcel Energy subsidiary and the South Peak wind farm in Montana that will sell its wind power to NorthWestern Energy.

'American Wind Week is a great opportunity to celebrate the advances in renewable, carbon-free wind power across our company, our industry and our country. The wind energy industry is creating meaningful economic growth for state and local governments, landowner partners, vendors and employees across the country,' said ALLETE Clean Energy President Allan S. Rudeck Jr. 'These opportunities will continue to grow as society demands cleaner forms of energy. Our ALLETE Clean Energy team is committed to answering the call to transform the nation's energy landscape while creating growth for communities where we operate and building value for ALLETE shareholders and our customers.'

Wind technician is the second-fastest growing occupation in America, and ALLETE Clean Energy's continued growth and investment in clean energy means the company will soon need wind technicians in Oklahoma, North Dakota and Montana while maintaining its current sites in Pennsylvania, Iowa, Oregon and Minnesota. The company has grown from four employees in 2011 to more than 80 in 2019, while delivering increasing amounts of clean and affordable energy to its customers.

As a Yellow Ribbon company, ALLETE Clean Energy also is committed to hiring and supporting veterans, military members and their families. With their technical skills and team-oriented work experience, veterans and service members find jobs in the renewable wind sector at a 67 percent higher rate than in other industries.

'Our talented employees are at the heart of our success, and as we grow there will be more opportunities to join our team,' Rudeck said.

Wind power is America's No. 1 source of renewable energy. In celebration, the American Wind Energy Association hosts an annual 'American Wind Week' with a wide variety of events around the country that show how wind works for all Americans. The U.S. is where utility-scale wind turbines were invented. America has become a global leader in wind power, with some of the best wind resources and the most productive wind turbines in the world.

ALLETE Clean Energy is a member company of the American Wind Energy Association that acquires, develops and operates clean and renewable energy projects. ALLETE Clean Energy currently owns and operates, in four states, approximately 550 megawatts of nameplate capacity wind energy generation that is contracted for various durations. ALLETE Clean Energy also engages in the development of wind energy facilities to operate under long-term contracts or for sale to others upon completion.

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, based in Duluth; BNI Energy in Bismarck, North Dakota and has an eight percent equity interest in the American Transmission Co.

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.

Contact:

Amy Rutledge

Tel: 218-723-7400

Email: arutledge@allete.com

(C) 2019 Electronic News Publishing, source ENP Newswire

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Financials (USD)
Sales 2019 1 309 M
EBIT 2019 220 M
Net income 2019 185 M
Debt 2019 1 453 M
Yield 2019 2,76%
P/E ratio 2019 23,8x
P/E ratio 2020 22,5x
EV / Sales2019 4,47x
EV / Sales2020 4,50x
Capitalization 4 396 M
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Number of Analysts 6
Average target price 85,67  $
Last Close Price 85,10  $
Spread / Highest target 15,2%
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NameTitle
Alan R. Hodnik Chairman & Chief Executive Officer
Bethany M. Owen President
Robert J. Adams Chief Financial Officer & Senior Vice President
Heidi E. Jimmerson Lead Independent Director
Madeleine W. Ludlow Independent Director
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