M&A Deal Summary

ALLETE Clean Energy Acquires AES Armenia Mountain Wind

On July 2, 2015, ALLETE Clean Energy acquired renewable energy company AES Armenia Mountain Wind from AES for 108M USD

Acquisition Highlights
  • This is ALLETE Clean Energy’s 4th transaction in the Renewable Energy sector.
  • This is ALLETE Clean Energy’s largest (disclosed) transaction.
  • This is ALLETE Clean Energy’s 5th transaction in the United States.
  • This is ALLETE Clean Energy’s 1st transaction in Pennsylvania.

M&A Deal Summary
Date 2015-07-02
Target AES Armenia Mountain Wind
Sector Renewable Energy
Buyer(s) ALLETE Clean Energy
Sellers(s) AES
Deal Type Divestiture
Deal Value 108M USD

Target

AES Armenia Mountain Wind

Mainesburg,, Pennsylvania, United States
AES Armenia Mountain Wind LLC, a 100.5-megawatt (MW) Pennsylvania wind farm. Armenia Mountain consists of 67 General Electric turbines installed in 2009. All of the facility’s energy output is sold through existing power purchase agreements that extend through 2025.

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Buyer(S) 1

Buyer

ALLETE Clean Energy

Duluth, Minnesota, United States

website

Category Company
Founded 2011
Sector Renewable Energy
DESCRIPTION

ALLETE Clean Energy develops capital projects to create energy solutions by way of wind, solar, biomass, hydro, natural gas, shale resources, clean coal technology and other emerging energy innovations.

DEAL STATS #
Overall 5 of 5
Sector (Renewable Energy) 4 of 4
Type (Divestiture) 5 of 5
State (Pennsylvania) 1 of 1
Country (United States) 5 of 5
Year (2015) 2 of 2
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-04-16 EDF Renewable 97.5 MW Wind Generation Facility

Lake Benton, Minnesota, United States

EDF Renewable 97.5 megawatt (MW) wind generation facility,producing electricity under existing power purchase agreements.

Buy $48M

Seller(S) 1

SELLER

AES

Arlington, Virginia, United States

website

Category Company
Founded 1981
Sector Utilities
Employees8,162
Revenue 9.7B USD (2020)
DESCRIPTION

AES is a power company that owns and operates a diverse and growing portfolio of electricity generation and distribution businesses, which provide reliable, affordable energy to customers in 21 countries. AES understands that a reliable, affordable supply of electricity is essential to human progress, economic growth, public health and security. The AES was founded in 1981 and is based in Arlington, Virginia.

DEAL STATS #
Overall 10 of 12
Sector (Renewable Energy) 6 of 7
Type (Divestiture) 7 of 8
State (Pennsylvania) 3 of 3
Country (United States) 6 of 8
Year (2015) 1 of 1
Size (of disclosed) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-13 Main Street Power Company

Boulder, Colorado, United States

Main Street Power Company, Inc. is a owner, operator and financier of distributed solar projects and has developed more than 200 commercial projects and several residential platforms across the United States.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-02-24 sPower

Salt Lake City, Utah, United States

sPower is an independent power producer (IPP) that owns and/or operates more than 150 utility and commercial distributed electrical generation systems across the U.S. and the UK. With 4.0 gigawatts between operating, construction and pipeline, sPower are actively buying select utility-scale renewable assets in virtually any stage of development in the United States. sPower is based in Salt Lake City, Utah.

Buy $1.6B
Mergr

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