Investor Presentaiton
Record construction is resulting in material
earnings growth in 2020-2022
ALLETE
clean energy.
SMART. POWERFUL. AHEAD.
Glen Ullin Energy
Center
•20-year, 106 MW PSA with
Xcel Energy
•In service December 2019
•100% PTC qualified
•Full year earnings impact in
2020
South Peak
•15-year, 80 MW PSA with
North Western Energy
•In service Q1 2020
• Expands ALLETE Clean Energy
portfolio across high quality
northern wind corridor
•100% PTC qualified
⚫3/4 year earnings impact in 2020
Refurbishments
•Storm Lake I & II
•Lake Benton
•Condon
•These projects on track for
completion in 2020
•100% PTC qualified
•~$17M in PTCs in 2020
•Full year impact in 2021
Diamond Spring
•Acquired project from Apex
Clean Energy May 3, 2019
•Total of 303 MW, 15-year PSAs
with Walmart and Starbucks,
and 12-year PSA with
Smithfield
•Expands customer &
geographic presence
•100% PTC qualified
•Full year earnings impact in
2021
Caddo
⚫303 MWs using 80% PTC
turbines
•Expect long-term PSAs with
Fortune 500 customers for
entire output
•Expect to be completed in
2021
With the completion of the South Peak, Glen Ullin, Diamond Spring and Caddo, ALLETE Clean Energy will own and operate
over 1,300 MWs of wind generation capacity in seven states while adding new long-term PSAs to its generation portfolio
Additional PTC opportunities and acquisitions of existing renewable projects are being pursued
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