Minnesota Power

company 1 Deal 1 Partner

Minnesota Power is an investor-owned utility primarily engaged in the generation, transmission, and distribution of electricity to customers in northeastern Minnesota. The company is actively pursuing its 'EnergyForward' strategy to transition its energy mix towards 100% carbon-free sources by 2050, involving significant investments in renewable energy and grid modernization.

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Founded 1906 Parent: ALLETE, Inc.

UtilityOperatorDeveloper

Strategic Overview

Committed to achieving 100% carbon-free energy by 2050 through its 'EnergyForward' plan.
Serves a diverse customer base including large industrial clients, particularly in the taconite mining industry.
Focusing on grid modernization and reliability alongside renewable energy integration.

Deal History (1)

Google signs electric service agreement with Minnesota Power for 700MW clean energy

supplier Hybrid United States Mar 4, 2026

Deal Activity from Public Sources

Minnesota Power receives approval for the 525 MW Red River Energy Center natural gas plant.

Development Natural Gas United States October 2023 525 MW

Minnesota Power announces plans to add 300 MW of solar and 100 MW of battery storage by 2028 as part of its EnergyForward strategy.

Development Solar PV, Battery Storage United States 2023 400 MW

Investment Focus

Technologies

Hybrid1

Geography

United States1

Key People

Josh Gustafson

President, Minnesota Power

Bethany M. Owen

Chair, President & CEO, ALLETE, Inc.

Track Record

118

Years Active

Notable projects: Bison Wind Energy Center, Red River Energy Center

Detailed Analysis

Sectors

UtilitiesEnergy Transition

Technologies

Onshore WindHydropowerSolar PVBattery StorageNatural GasTransmission

Geographies

United StatesNorth America

Deal Stage

OperatingGreenfieldBrownfield

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