Allete Inc Stock Price, News & Analysis

ALLETE has successfully completed the acquisition of New Energy Equity for approximately $165.5 million. New Energy Equity, a leading distributed solar developer based in Annapolis, Maryland, boasts over 250 completed solar projects totaling more than 330 megawatts and has a development pipeline of approximately 2 gigawatts across 26 states. ALLETE aims to enhance its sustainability strategy with this acquisition, as noted by CEO Bethany Owen, who emphasizes the solar expertise and financial success that New Energy Equity brings to the company.

ALLETE, Inc. (NYSE:ALE) will announce its first-quarter financial results on May 5, 2022, before market opening. Following this, ALLETE executives, including Chair and CEO Bethany M. Owen and CFO Steve W. Morris, will provide an overview of the results during a conference call at 10 a.m. Eastern time. Interested parties can join the call by dialing (877) 303-5852 or through a webcast on ALLETE's website, www.allete.com. A replay will be available until May 12, 2022.

ALLETE, Inc. (NYSE:ALE) announced the pricing of a public offering of 3,200,000 shares of common stock at $63.00 per share, an increase from the previously planned 2,950,000 shares. The offering includes an option for underwriters to purchase an additional 480,000 shares. Proceeds will be utilized for corporate purposes, including acquiring New Energy Equity. The offering is expected to close on April 5, 2022. J.P. Morgan, BofA Securities, RBC Capital Markets, and Wells Fargo Securities are the joint book-running managers for this offering.

ALLETE, Inc. (NYSE:ALE) has announced plans for an underwritten public offering of up to 2,950,000 shares of its common stock, with an option for underwriters to purchase an additional 442,500 shares. The company aims to utilize the net proceeds for corporate purposes, including funding the acquisition of New Energy Equity and making capital investments. The offering is being managed by J.P. Morgan and BofA Securities, and will occur under an existing shelf registration statement effective since July 31, 2019.

On March 2, ALLETE (NYSE: ALE) announced its acquisition of IPS Solar, a leading solar company, through New Energy Equity LLC for $165.5 million. The acquisition aims to enhance ALLETE's solar strategy and expand clean energy access across the U.S. IPS Solar will maintain its brand and operations in Roseville, Minnesota. The deal is expected to close in mid-April 2022, pending regulatory approval. Executives from both companies expressed optimism about the synergies that the partnership could generate in the rapidly growing solar market.

ALLETE, Inc. (NYSE:ALE) has announced a definitive agreement to acquire New Energy Equity LLC, a leading solar developer, for approximately $165.5 million. Based in Annapolis, Maryland, New Energy Equity has completed over 250 solar projects and offers extensive solar operations and maintenance services. This acquisition aims to enhance ALLETE's solar capabilities and align with its sustainability strategy, targeting an annual growth objective of 5-7%. The deal is anticipated to close mid-April 2022 and is expected to be accretive to earnings in 2023, providing long-term growth and cash flow.

ALLETE, Inc. (NYSE: ALE) reported 2021 earnings of $3.23 per share, down from $3.35 in 2020, with a net income of $169.2 million on operating revenue of $1.4 billion. The results included a 16 cent gain from the sale of part of the Nemadji Trail Energy Center, offset by 10 cents in losses from the Diamond Spring wind facility due to winter storms, and a 7 cent charge linked to refunds ordered by the Minnesota Public Utilities Commission. ALLETE’s strategic emphasis on clean energy positions it strongly for 2022 and beyond.

ALLETE, Inc. (NYSE: ALE) has appointed Steve Morris as the new Senior Vice President and Chief Financial Officer, succeeding Robert Adams, who plans to retire in June. Morris has been with the company for 21 years, serving as Vice President and Chief Accounting Officer since 2016. He is expected to leverage his extensive experience to enhance ALLETE's strategic vision, especially in clean energy initiatives. Morris’s promotion marks a significant leadership transition as the company aims to drive forward its sustainability goals in the energy sector.

ALLETE, Inc. (NYSE: ALE) has announced a 3% increase in its quarterly dividend, now set at 65 cents per share. This move reflects the board's confidence in the company's growth outlook. The annualized dividend now totals $2.60 per share, payable on March 1 to shareholders of record by February 15, 2022. With over 72 consecutive years of dividends paid, ALLETE continues to demonstrate its commitment to returning value to shareholders.