Published On: Mon, May 27th, 2019

Apex sells 303MW Diamond Spring wind project in Oklahoma to Allete

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US wind industry news : Apex Clean Energy has offloaded the 303MW Diamond Spring wind project in Oklahoma to Allete Clean Energy, a fully-owned subsidiary of Allete, for an undisclosed price, as per the latest energy acquisition news.

Diamond Spring wind project location

The Diamond Spring wind project, which will be located in Johnston and Pontotoc Counties, about 25 miles northeast from Ardmore, is said to be the largest wind farm owned by Allete Clean Energy and also the first project to have power selling contracts with corporate customers. The Diamond Spring wind farm will expand the total wind energy portfolio of Allete Clean Energy to nearly 1GW.

Allete Clean Energy will break ground on the Diamond Spring wind project this year with a target to bring it into service in 2020. The Diamond Spring wind farm will generate enough electricity to power close to 114,000 homes.

Furthermore, the new Oklahoma wind farm is expected to yield tax revenue of $48 million and $54 million in the form of payments to landowners.

Diamond Spring wind project in Oklahoma

Allete Clean Energy buys Diamond Spring wind project in Oklahoma from Apex Clean Energy

Al Hodnik – Allete Chairman and CEO, commenting on the acquisition of the Diamond Spring wind project, said: “Allete Clean Energy was in early on PTC turbine acquisition and has additional safe harbor turbines in hand. That, along with its reputation as a competent and trusted developer and operator of wind sites, well positions Allete Clean Energy to strategically capture high-value projects in the booming renewable wind energy market.

“Now armed with proceeds from Allete’s recent sale of U.S. Water Services to Kurita and given an expansion in state renewable energy standards and an increase in the number of companies adopting sustainability statements, we are excited about continued growth prospects in the renewable energy sector.”

Under 15-year power sales agreements, Allete Clean Energy will construct, own, operate and sell wind power from the Diamond Spring wind project to a couple of undisclosed Fortune 500 companies. The two large firms have committed to buy a combined capacity of 228MW from new Oklahoma wind farm while the rest of the capacity will cater to corporate and industrial markets.

Mark Goodwin – president, and CEO of Apex Clean Energy, commenting on the sale of the Diamond Spring wind project, said: “Corporations are taking a clear leadership position in curbing carbon emissions, and we applaud them for aggressively working to achieve their sustainability goals.

“Apex is proud to partner with Allete at Diamond Spring Wind, one of several Apex projects this year that is expected to help leaders in the corporate, commercial, and industrial sectors meet their clean energy commitments.”

For more US wind industry news and energy acquisition news like Allete Clean Energy acquisition of the Diamond Spring wind project in Oklahoma, keep following Business News Today.com.

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