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Corporation
allete.com

Portfolio Exits

1

Partners & Customers

10

About ALLETE

ALLETE is an energy company that owns several electric utilities throughout the U.S.

Headquarters Location

30 West Superior St.

Duluth, Minnesota, 55802,

United States

218-279-5000

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Latest ALLETE News

Minnesota Power Advances EnergyForward With Request For Proposals For Up To 300 Megawatts Of Solar Energy

Nov 20, 2023

Duluth, MN - ( BUSINESS WIRE ) - Minnesota Power, a utility division of ALLETE Inc. 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. Click here 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 www.mnpower.com . 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. © 2023 Business Wire

ALLETE Portfolio Exits

1 Portfolio Exit

ALLETE has 1 portfolio exit. Their latest portfolio exit was U.S. Water Services on February 08, 2019.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

2/8/2019

Acquired - II

$99M

2

Date

2/8/2019

Exit

Acquired - II

Companies

Valuation

$99M

Acquirer

Sources

2

ALLETE Acquisitions

2 Acquisitions

ALLETE acquired 2 companies. Their latest acquisition was New Energy Equity on March 02, 2022.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

3/2/2022

Debt

$99M

$50.68M

Acquired

5

1/27/2015

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$99M

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10

Date

3/2/2022

1/27/2015

Investment Stage

Debt

Companies

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Valuation

$99M

$99M

Total Funding

$50.68M

Note

Acquired

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Sources

5

10

ALLETE Partners & Customers

10 Partners and customers

ALLETE has 10 strategic partners and customers. ALLETE recently partnered with Seattle City Light on July 7, 2023.

Date

Type

Business Partner

Country

News Snippet

Sources

7/25/2023

Client

United States

ALLETE Clean Energy adds new customer segment through power purchase agreement with Seattle City Light

ALLETE Clean Energy adds new customer segment through power purchase agreement with Seattle City Light .

1

1/31/2023

Partner

United States

ALLETE and Grid United to build HVDC transmission line in US

US-based energy companies ALLETE and Grid United have partnered to develop the North Plains Connector , a 385-mile high-voltage direct-current transmission line .

2

1/30/2023

Partner

United States

ALLETE, Grid United join forces to develop key transmission link to enhance reliability of the nation's electric grid

ALLETE Clean Energy and Grid United have signed a memorandum of understanding to explore transmission opportunities , with plans to execute a North Plains Connector development agreement in the first half of the year .

3

6/14/2019

Client

United States

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10

4/15/2019

Partner

Brazil

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10

Date

7/25/2023

1/31/2023

1/30/2023

6/14/2019

4/15/2019

Type

Client

Partner

Partner

Client

Partner

Business Partner

Country

United States

United States

United States

United States

Brazil

News Snippet

ALLETE Clean Energy adds new customer segment through power purchase agreement with Seattle City Light

ALLETE Clean Energy adds new customer segment through power purchase agreement with Seattle City Light .

ALLETE and Grid United to build HVDC transmission line in US

US-based energy companies ALLETE and Grid United have partnered to develop the North Plains Connector , a 385-mile high-voltage direct-current transmission line .

ALLETE, Grid United join forces to develop key transmission link to enhance reliability of the nation's electric grid

ALLETE Clean Energy and Grid United have signed a memorandum of understanding to explore transmission opportunities , with plans to execute a North Plains Connector development agreement in the first half of the year .

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Sources

1

2

3

10

10

ALLETE Team

2 Team Members

ALLETE has 2 team members, including , .

Name

Work History

Title

Status

Oksana Pavlowsky

Founder

Former

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Name

Oksana Pavlowsky

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Work History

Title

Founder

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Status

Former

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