ALLETE Bolsters Renewables, T&D in $2.7 Billion Spending Plan

ALLETE Bolsters Renewables, T&D in $2.7 Billion Spending Plan

November 17, 2022--Researched by Industrial Info Resources (Sugar Land, Texas)--ALLETE Incorporated (NYSE:ALE) (Duluth, Minnesota) updated its five-year capital-spending (capex) program to invest nearly $2.7 billion through 2027 on clean-energy and transmission & distribution (T&D) initiatives. Minnesota Power, its largest subsidiary, plans to add up to 400 megawatts (MW) of wind and 300 MW of solar capacity through 2030, and ALLETE is upping its participation in a major regional T&D buildout.

Industrial Info is tracking more than $2.3 billion worth of active projects from ALLETE. During the third quarter, ALLETE began construction on a trio of small-scale solar projects across Minnesota, all of which are in their final commissioning phase and are expected to wrap up toward the end of the year.

Other ALLETE projects are being planned in partnerships, or through agreements, with companies such as General Electric (NYSE:GE), Xcel Energy Incorporated (NASDAQ:XEL), Wisconsin Public Service Corporation, Madison Gas and Electric Company and Great River Energy.

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