Besides pursuing hydropower, wind and biomass projects, the new company will explore other modes of power production involving solar energy and other new technologies.
Allete said low-emission energy fuels such as natural gas and liquefied fossil fuels will also be explored for project development.
Initially, the new company will target capital projects in the range of $50m to $150m that could be developed or acquired.
Allete Clean Energy will market power to electric utilities, cooperatives, municipalities, independent power marketers and large end-users through long-term contracts.
Allete chairman, president and CEO Alan Hodnik said that the new company is pursuing strategic partnerships that could help it gain entry into clean energy markets, lend complementary skills and resources to the enterprise, and share in financial risk.
