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February 11, 2021

Allete Clean Energy to power Oshkosh and Hormel Foods

ALLETE Clean Energy has signed agreements with the Oshkosh Corporation and Hormel Foods to sell renewable energy from its Caddo wind site in Oklahoma.

US-based Allete Clean Energy has agreed to supply the Oshkosh Corporation and Hormel Foods with energy from its Caddo wind site in Oklahoma.

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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
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Under the agreements, independent power producer Allete Clean Energy will supply 100MW of electricity to the companies from its 303MW Caddo wind site.

Located in Caddo County in southern Oklahoma, the site will feature nearly 110 wind turbines. It is currently under construction, and set to become operational by the ened of this year. It will power nearly 110,000 homes.

Allete Clean Energy president Allan Rudeck said: “We’re proud to work with two leading Upper Midwest corporations to help them achieve their sustainability goals with Caddo’s renewable energy.

“Projects like Caddo help diversify and decarbonise the nation’s energy supply while strengthening local economies.”

The projects will qualify for the safe harbour provision of federal renewable energy production tax credits.

During construction, the project is expected to create nearly 200 jobs with another 12 to 15 long-term operations jobs upon completion.

Additionally, the project will pay more than $50m in tax revenue and $54m in payments to landowners.

A spokesperson for Allete Clean Energy said that the Caddo wind site has three energy sale agreements with investment-grade Fortune 500 customers. These agreements will increase the company’s capacity to cater to increasing demand for clean energy from corporate clients.

Hormel Foods environmental sustainability director Tom Raymond said: “This project is a great addition to our clean energy portfolio.

“Using renewable sources like wind not only helps the environment, but it makes long-term financial sense, supports local communities and demonstrates that we are committed to being good stewards to the planet.”

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Free Report
img

Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

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