ALLETE uses a dual-focus business model serving customers through stable, regulated utility operations and by investing in transmission infrastructure while actively developing clean and renewable energy projects. Formed in 2011, ALLETE Clean Energy develops, acquires, and operates clean and renewable energy projects, reflecting the company's commitment to reducing carbon emissions and transitioning to cleaner energy sources.
Cyborg Score Rationale
ALLETE announced approval of its acquisition by Canada Pension Plan Investment Board and Global Infrastructure Partners, with all required regulatory approvals secured and the transaction expected to close in late 2025. The acquisition transition creates uncertainty, but the company maintains stable regulated utility revenues and growing clean energy investments.
Top Insights
ALLETE received unanimous Minnesota Public Utilities Commission approval for its acquisition by CPP Investments and Global Infrastructure Partners.
The company serves taconite mining, paper, pulp and secondary wood products, pipeline, and other industrial sectors.
Market cap of approximately $3.8B with trailing twelve months revenue of $1.53B.
ALLETE generates electricity from coal-fired, biomass, natural gas, hydro, wind, and solar sources, operating 154 substations with 10,647 megavolt-amperes capacity.
Named Competitors
Electric Utilities — Regulated utility providing electric and natural gas services
Transmission Infrastructure — Regulated utility and transmission asset operator
Clean Energy Developer — Renewable energy and utility conglomerate
Recent Developments
(December 2025) MPUC approval of acquisition by Canada Pension Plan Investment Board and Global Infrastructure Partners
(August 2025) ALLETE reported Q2 2025 earnings of $0.55 per share on net income of $31.9 million
(October 2025) Q3 2025 earnings of $0.46 per share on net income of $27.1 million, reflecting lower industrial sales
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