STOCK TITAN

Minnesota Power plans two large solar projects in northern Minnesota as part of its EnergyForward strategy for carbon-free energy

Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags

Minnesota Power, a utility division of ALLETE Inc. (NYSE: ALE), has announced plans to build two large solar projects in northern Minnesota as part of its EnergyForward strategy for carbon-free energy. The projects, Regal Solar near Royalton and Boswell Solar in Cohasset, were selected through a competitive bidding process.

The Boswell Solar project will have a capacity of 85 megawatts from about 180,000 bifacial solar modules on 600 acres, while the Regal Solar project will have a capacity of 119.5 megawatts from about 255,000 bifacial solar modules on 800 acres. Both projects are expected to be online in mid-2027.

These projects are part of Minnesota Power's plan to meet the up-to-300 megawatts of regional solar generation called for in its Integrated Resource Plan. The company aims to provide more than 80% renewable energy by 2030 and work towards meeting Minnesota's law for carbon-free energy supplies by 2040.

Minnesota Power, una divisione utility di ALLETE Inc. (NYSE: ALE), ha annunciato piani per costruire due grandi progetti solari nel Minnesota settentrionale come parte della sua strategia EnergyForward per l'energia senza carbonio. I progetti, Regal Solar vicino a Royalton e Boswell Solar a Cohasset, sono stati selezionati tramite un processo di gara competitiva.

Il progetto Boswell Solar avrà una capacità di 85 megawatt grazie a circa 180.000 moduli solari bifacciali su 600 acri, mentre il progetto Regal Solar avrà una capacità di 119,5 megawatt da circa 255.000 moduli solari bifacciali su 800 acri. Entrambi i progetti dovrebbero essere attivi a metà del 2027.

Questi progetti fanno parte del piano di Minnesota Power per raggiungere fino a 300 megawatt di generazione solare regionale previsto nel suo Integrated Resource Plan. L'azienda mira a fornire più dell'80% di energia rinnovabile entro il 2030 e a lavorare per rispettare la legge del Minnesota per forniture di energia senza carbonio entro il 2040.

Minnesota Power, una división de servicios públicos de ALLETE Inc. (NYSE: ALE), ha anunciado planes para construir dos grandes proyectos solares en el norte de Minnesota como parte de su estrategia EnergyForward para una energía libre de carbono. Los proyectos, Regal Solar cerca de Royalton y Boswell Solar en Cohasset, fueron seleccionados a través de un proceso de licitación competitiva.

El proyecto Boswell Solar tendrá una capacidad de 85 megavatios a partir de aproximadamente 180,000 módulos solares bifaciales en 600 acres, mientras que el proyecto Regal Solar tendrá una capacidad de 119.5 megavatios a partir de aproximadamente 255,000 módulos solares bifaciales en 800 acres. Se espera que ambos proyectos estén en funcionamiento a mediados de 2027.

Estos proyectos son parte del plan de Minnesota Power para cumplir con los hasta 300 megavatios de generación solar regional solicitados en su Integrated Resource Plan. La empresa busca proporcionar más del 80% de energía renovable para 2030 y trabajar para cumplir con la ley de Minnesota para suministros de energía libre de carbono para 2040.

Minnesota Power는 ALLETE Inc. (NYSE: ALE)의 유틸리티 부문으로, 북부 미네소타에 두 개의 대규모 태양광 프로젝트를 건설할 계획을 발표했습니다. 이는 EnergyForward 전략의 일환으로 탄소 없는 에너지를 목표로 하고 있습니다. 프로젝트는 로얄턴 근처의 Regal Solar와 코하셋의 Boswell Solar로, 경쟁 입찰 과정을 통해 선정되었습니다.

Boswell Solar 프로젝트는 약 18만 개의 양면 태양광 모듈로 600 에이커에서 85 메가와트의 용량을 갖게 되며, Regal Solar 프로젝트는 약 25만 5천 개의 양면 태양광 모듈로 800 에이커에서 119.5 메가와트의 용량을 갖게 됩니다. 두 프로젝트 모두 2027년 중반에 가동될 예정입니다.

이 프로젝트들은 Minnesota Power가 통합 자원 계획에서 요구하는 최대 300메가와트의 지역 태양광 생성 목표를 달성하기 위한 계획의 일환입니다. 이 회사는 2030년까지 80% 이상의 재생 에너지를 제공하고, 2040년까지 탄소 없는 에너지 공급에 대한 미네소타의 법률을 준수하기 위해 노력하고 있습니다.

Minnesota Power, une division d'utilités de ALLETE Inc. (NYSE: ALE), a annoncé des projets pour construire deux grands projets solaires dans le Minnesota nordique dans le cadre de sa stratégie EnergyForward pour une énergie sans carbone. Les projets, Regal Solar près de Royalton et Boswell Solar à Cohasset, ont été sélectionnés par un processus d'appel d'offres compétitif.

Le projet Boswell Solar aura une capacité de 85 mégawatts grâce à environ 180 000 modules solaires bifaciaux sur 600 acres, tandis que le projet Regal Solar aura une capacité de 119,5 mégawatts grâce à environ 255 000 modules solaires bifaciaux sur 800 acres. Les deux projets devraient être en ligne à mi-2027.

Ces projets font partie du plan de Minnesota Power pour atteindre jusqu'à 300 mégawatts de génération solaire régionale prévu dans son Plan intégré des ressources. L'entreprise vise à fournir plus de 80 % d'énergie renouvelable d'ici 2030 et à travailler pour respecter la loi du Minnesota sur l'approvisionnement en énergie sans carbone d'ici 2040.

Minnesota Power, eine Versorgungsabteilung von ALLETE Inc. (NYSE: ALE), hat Pläne zum Bau von zwei großen Solarprojekten im Norden von Minnesota angekündigt, die Teil ihrer EnergyForward-Strategie für kohlenstofffreie Energie sind. Die Projekte, Regal Solar in der Nähe von Royalton und Boswell Solar in Cohasset, wurden durch ein wettbewerbliches Ausschreibungsverfahren ausgewählt.

Das Boswell Solar-Projekt wird eine Kapazität von 85 Megawatt aus etwa 180.000 bifazialen Solarmodulen auf 600 Acres haben, während das Regal Solar-Projekt eine Kapazität von 119,5 Megawatt aus etwa 255.000 bifazialen Solarmodulen auf 800 Acres haben wird. Beide Projekte sollen voraussichtlich Mitte 2027 in Betrieb genommen werden.

Diese Projekte sind Teil des Plans von Minnesota Power, die bis zu 300 Megawatt regionaler Solarenergie zu erreichen, wie es in seinem integrierten Ressourcenplan vorgesehen ist. Das Unternehmen hat das Ziel, bis 2030 mehr als 80 % erneuerbare Energie bereitzustellen und an der Einhaltung des Gesetzes von Minnesota für kohlenstofffreie Energieversorgung bis 2040 zu arbeiten.

Positive
  • Two large solar projects planned in northern Minnesota, contributing to renewable energy goals
  • Boswell Solar project: 85 megawatts capacity, utilizing existing infrastructure
  • Regal Solar project: 119.5 megawatts capacity
  • Projects support ALLETE's sustainability-in-action strategy
  • Both projects expected to create local jobs and promote local renewable energy
  • Aim to provide more than 80% renewable energy by 2030
Negative
  • Construction contingent on regulatory approvals
  • Projects not expected to be online until mid-2027

Insights

Minnesota Power's announcement of two large solar projects marks a significant step in its EnergyForward strategy. The Regal Solar (119.5 MW) and Boswell Solar (85 MW) projects, totaling 204.5 MW, represent a substantial investment in renewable energy infrastructure. This aligns with the company's goal of >80% renewable energy by 2030 and the state's 2040 carbon-free mandate. The projects' strategic locations leverage existing infrastructure, potentially reducing costs and expediting grid integration. The competitive bidding process and independent evaluator involvement suggest a focus on cost-effectiveness for customers. The emphasis on local labor and diverse suppliers could boost regional economic benefits. However, investors should note that these projects are subject to regulatory approvals, introducing some uncertainty. The 2027 timeline for both projects indicates a medium-term impact on the company's energy mix and financials.

This development is a notable advancement in Minnesota's clean energy transition. The projects' combined 204.5 MW capacity will significantly contribute to the state's renewable portfolio. Minnesota Power's approach aligns with broader policy trends favoring localized, renewable energy solutions. The Boswell Solar project's repurposing of existing energy center land demonstrates efficient land use planning. The inclusion of preferences for local labor and diverse suppliers in both projects reflects a commitment to just transition principles, which could enhance community support and regulatory favor. However, the 2027 timeline may be considered somewhat conservative given the urgency of climate action. Investors should monitor how these projects impact Minnesota Power's progress towards its 80% renewable energy goal by 2030 and how they position the company to meet the state's 2040 carbon-free mandate. The success of these projects could set a precedent for future renewable energy developments in the region.

DULUTH, Minn.--(BUSINESS WIRE)-- Minnesota Power, a utility division of ALLETE Inc. (NYSE: ALE), announced today it plans to build two large solar projects in northern Minnesota as part of its continued transition toward a cleaner energy future while prioritizing regional renewable energy investments.

The Regal Solar project near Royalton, Minnesota, and the Boswell Solar project in Cohasset, Minnesota, were chosen in an open process from competitive bids in Minnesota Power’s 2023 solar request for proposals. The process included an independent evaluator who monitored it and concurred with the selections as being the most cost-competitive for Minnesota Power customers.

The Boswell Solar project will have a capacity of 85 megawatts from about 180,000 bifacial solar modules on about 600 acres, part of it owned by Minnesota Power. It will utilize existing electric infrastructure at the Boswell Energy Center, requiring only a collector substation and a short transmission line to tie into the grid. The project is expected to be online in mid-2027.

The Regal Solar project will have a capacity of 119.5 megawatts from about 255,000 bifacial solar modules on about 800 acres. The renewable project will tie to the regional electric grid though a new 3.5-mile collector line and substation and is expected to be online in mid-2027.

The two projects are part of Minnesota Power’s actions to meet the up-to-300 megawatts of regional solar generation called for in Minnesota Power’s Integrated Resource Plan approved by the Minnesota Public Utilities Commission (MPUC) in 2023.

“These two projects exemplify ALLETE’s sustainability-in-action strategy by creating local jobs and local renewable energy, and the Boswell Solar project will support one of our existing host communities as we continue to plan for the future,” said ALLETE Vice President and Minnesota Power Chief Operating Officer Josh Skelton. “These projects will help move us toward our goal of providing more than 80% renewable energy by 2030 while working toward meeting the state of Minnesota law calling for carbon-free energy supplies by 2040. Both projects include preferences for local labor, diverse suppliers, and apprenticeships to train tomorrow’s renewable energy workforce.”

Construction of the two projects is contingent on MPUC and other regulatory approvals.

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.

ALLETE, Inc. is an energy company headquartered in Duluth, Minnesota. In addition to its electric utilities, Minnesota Power and Superior Water, Light and Power of Wisconsin, ALLETE owns ALLETE Clean Energy, based in Duluth; BNI Energy in Bismarck, North Dakota.; and New Energy Equity, headquartered in Annapolis, Maryland; and has an 8% equity interest in the American Transmission Co. More information about ALLETE is available at www.allete.com.

Minnesota Power calculates and reports carbon emissions based on the GHG Protocol. Details in ALLETE’s Corporate Sustainability Report.

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. ALE-CORP

Amy Rutledge

Director - Corporate Communications

Minnesota Power/ALLETE

218-723-7400

arutledge@mnpower.com

Source: ALLETE Inc.

FAQ

What are the two solar projects announced by Minnesota Power (ALE)?

Minnesota Power announced the Regal Solar project near Royalton and the Boswell Solar project in Cohasset, Minnesota.

What is the capacity of the Boswell Solar project (ALE)?

The Boswell Solar project will have a capacity of 85 megawatts from about 180,000 bifacial solar modules on approximately 600 acres.

What is the capacity of the Regal Solar project (ALE)?

The Regal Solar project will have a capacity of 119.5 megawatts from about 255,000 bifacial solar modules on approximately 800 acres.

When are the Minnesota Power (ALE) solar projects expected to be online?

Both the Regal Solar and Boswell Solar projects are expected to be online in mid-2027.

What is Minnesota Power's (ALE) renewable energy goal by 2030?

Minnesota Power aims to provide more than 80% renewable energy by 2030.

ALLETE, Inc.

NYSE:ALE

ALE Rankings

ALE Latest News

ALE Stock Data

3.71B
57.82M
0.27%
76.42%
1.59%
Utilities - Diversified
Electric & Other Services Combined
Link
United States of America
DULUTH