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ALLETE Clean Energy closes tax equity deal with JPMorgan Capital

ALLETE Clean Energy Inc. secured tax equity funding for two wind farms in North Dakota and Montana, the company announced Jan. 9.

The ALLETE Inc. subsidiary sold class A passive membership interests in Great American West Wind LLC to JPMorgan Capital Corp. on Dec. 30, 2019. The deal will support the 106-MW Glen Ullin facility in North Dakota and generate future funding for the 80-MW South Peak project in Montana.

Glen Ullin started commercial operations in December 2019 and delivers power to Xcel Energy Inc. subsidiary Northern States Power Co. - Minnesota under a 20-year agreement. South Peak will sell power to NorthWestern Corp. under a 15-year agreement.

South Peak is expected to start energy production in the next few weeks, at which point JPM Capital will purchase additional class A passive membership interests, the company said.