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Core Insights - The article discusses the author's extensive experience in large mining projects, financial management, and project assessment, emphasizing the importance of evaluating future value per share for investment decisions rather than present value [1] Group 1: Experience and Background - The author has a background in large mining projects, food processing, and commercialization of university intellectual property, showcasing a diverse skill set [1] - The author has held financial controller positions in notable companies such as Utah International Inc, General Electric Inc, and BHP Billiton, indicating a strong professional history in finance [1] Group 2: Investment Philosophy - The author believes that using projections to calculate future value per share is more beneficial for determining potential exit value and rate of return than calculating present value [1]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2025 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ______________ to ______________ Commission File Number 1-3548 ALLETE, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction ...

Core Viewpoint - Allete's shares have entered oversold territory with a Relative Strength Index (RSI) reading of 29.7, indicating potential buying opportunities as heavy selling may be exhausting [1][2][3] Group 1: Stock Performance - Allete shares traded as low as $63.555, with a current trading price of $63.65, reflecting a decrease of approximately 0.3% on the day [1][3] - The 52-week range for Allete shares is between $61.51 (low) and $66.40 (high) [3] Group 2: Technical Indicators - The average RSI for the energy stocks universe is 51.1, while WTI Crude Oil has an RSI of 47.5, and Henry Hub Natural Gas is at 41.4 [2] - The 3-2-1 Crack Spread RSI is currently at 45.6, indicating a relatively stronger position compared to Allete's RSI [2]

Part I. Financial Information [Consolidated Financial Statements - Unaudited](index=7&type=section&id=Item%201.%20Consolidated%20Financial%20Statements%20-%20Unaudited) ALLETE's Q1 2025 unaudited consolidated financial statements report net income attributable to ALLETE of **$56.1 million**, an increase from **$50.7 million** in Q1 2024 Consolidated Balance Sheet (Unaudited) | (Millions) | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $477.9 | $435.2 | | **Total Assets** | **$6,866.3** | **$6,754.3** | | **Total Current Liabilities** | $380.6 | $404.2 | | **Total Liabilities** | $3,477.5 | $3,363.8 | | **Total ALLETE Equity** | $2,866.0 | $2,848.0 | | **Total Equity** | $3,388.3 | $3,390.1 | | **Total Liabilities, Redeemable Non-Controlling Interest and Equity** | **$6,866.3** | **$6,754.3** | Consolidated Statement of Income (Unaudited) | (Millions Except Per Share Amounts) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | **Total Operating Revenue** | $400.2 | $403.3 | | **Operating Income** | $53.0 | $47.3 | | **Income Before Income Taxes** | $42.2 | $41.0 | | **Net Income** | $34.7 | $37.0 | | **Net Income Attributable to ALLETE** | **$56.1** | **$50.7** | | **Diluted Earnings Per Share** | **$0.97** | **$0.88** | Consolidated Statement of Cash Flows (Unaudited) | (Millions) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | **Cash provided by Operating Activities** | $110.2 | $60.1 | | **Cash used in Investing Activities** | ($160.2) | ($60.8) | | **Cash provided by (used in) Financing Activities** | $89.2 | ($38.4) | | **Change in Cash, Cash Equivalents and Restricted Cash** | $39.2 | ($39.1) | [Note 1. Operations and Significant Accounting Policies](index=12&type=section&id=Note%201.%20Operations%20and%20Significant%20Accounting%20Policies) This note outlines the basis of preparation for unaudited financial statements and details key accounting policies for cash, inventories, and goodwill Inventories – Net | (Millions) | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Fuel | $22.3 | $22.5 | | Materials and Supplies | 122.2 | 107.6 | | Renewable Energy Facilities Under Development | 26.6 | 24.5 | | **Total Inventories – Net** | **$171.1** | **$154.6** | - The carrying amount of goodwill was **$154.9 million** as of March 31, 2025, with no changes during the quarter[38](index=38&type=chunk) [Note 2. Regulatory Matters](index=15&type=section&id=Note%202.%20Regulatory%20Matters) This note details regulatory activities, including a **$33.97 million** rate increase approval, a **$27.9 million** interim rate refund reserve, and the 2025 IRP for future energy capacity - In the 2024 Minnesota General Rate Case, a settlement was approved for a **$33.97 million** rate increase, a **9.78%** return on equity, and a **$27.9 million** pre-tax reserve for an interim rate refund as of March 31, 2025[48](index=48&type=chunk) - The 2025 Integrated Resource Plan (IRP) filed on March 3, 2025, proposes adding **400 MW** of new wind, **100 MW** of energy storage, and **~1,000 MW** of natural gas capacity by 2035, aiming to cease coal use at the Boswell Energy Center[55](index=55&type=chunk) Regulatory Assets and Liabilities Summary | (Millions) | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Non-Current Regulatory Assets** | $364.6 | $371.7 | | **Total Non-Current Regulatory Liabilities** | $580.6 | $570.5 | [Note 3. Equity Investments](index=17&type=section&id=Note%203.%20Equity%20Investments) This note details ALLETE's equity method investments in ATC and Nobles 2, with balances of **$199.5 million** and **$144.5 million** respectively as of March 31, 2025 ALLETE's Investment in ATC | (Millions) | Amount | | :--- | :--- | | Equity Investment Balance as of December 31, 2024 | $194.4 | | Cash Investments | 5.5 | | Equity in ATC Earnings | 6.5 | | Distributed ATC Earnings | (7.2) | | **Equity Investment Balance as of March 31, 2025** | **$199.5** | ALLETE's Investment in Nobles 2 | (Millions) | Amount | | :--- | :--- | | Equity Investment Balance as of December 31, 2024 | $145.7 | | Equity in Nobles 2 Earnings | (0.5) | | Distributed Nobles 2 Earnings | (0.7) | | **Equity Investment Balance as of March 31, 2025** | **$144.5** | [Note 4. Fair Value](index=18&type=section&id=Note%204.%20Fair%20Value) This note describes fair value measurements for ALLETE's financial assets and liabilities, with recurring assets totaling **$25.8 million** and debt fair value at **$1.82 billion** Recurring Fair Value Measures as of March 31, 2025 | (Millions) | Level 1 | Level 2 | Level 3 | Total | | :--- | :--- | :--- | :--- | :--- | | **Total Fair Value of Assets** | $19.4 | $6.4 | — | $25.8 | | **Total Fair Value of Liabilities** | — | $18.8 | — | $18.8 | Fair Value of Financial Instruments | (Millions) | Carrying Amount | Fair Value | | :--- | :--- | :--- | | **Short-Term and Long-Term Debt (March 31, 2025)** | $1,936.1 | $1,820.1 | - No indicators of impairment were identified for non-financial assets such as goodwill, intangible assets, and property, plant and equipment for the three months ended March 31, 2025[74](index=74&type=chunk) [Note 5. Short-Term and Long-Term Debt](index=20&type=section&id=Note%205.%20Short-Term%20and%20Long-Term%20Debt) This note details ALLETE's debt structure, including **$1.936 billion** in total debt and the issuance of **$150 million** in senior unsecured notes, with covenant compliance maintained Total Debt Summary | (Millions) | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Short-Term Debt | $94.2 | $94.7 | | Long-Term Debt | $1,832.8 | $1,704.7 | | **Total Debt (Principal)** | **$1,936.1** | **$1,808.0** | - On March 25, 2025, ALLETE issued **$150 million** of senior unsecured notes, consisting of **$120 million** at **5.38%** due 2030 and **$30 million** at **5.82%** due 2035[76](index=76&type=chunk) - As of March 31, 2025, ALLETE's ratio of indebtedness to total capitalization was approximately **0.38 to 1.00**, compliant with the covenant limit of **0.65 to 1.00**[77](index=77&type=chunk) [Note 6. Commitments, Guarantees and Contingencies](index=21&type=section&id=Note%206.%20Commitments%2C%20Guarantees%20and%20Contingencies) This note covers significant commitments and contingencies, including environmental compliance costs for the CCR Rule and **$142.8 million** in outstanding letters of credit - The EPA's final CCR Legacy Impoundment Rule is estimated to result in compliance costs for Minnesota Power's Boswell and Laskin facilities between **$50 million** and **$85 million** over the next 10 years[108](index=108&type=chunk) - A wastewater spill at the Boswell facility in July 2024 resulted in remediation costs of approximately **$2 million** pre-tax in the first quarter of 2025, with total costs potentially being material[105](index=105&type=chunk) - As of March 31, 2025, ALLETE had **$142.8 million** of outstanding letters of credit and **$133.2 million** in outstanding surety bonds across its businesses[110](index=110&type=chunk) [Note 7. Earnings Per Share and Common Stock](index=28&type=section&id=Note%207.%20Earnings%20Per%20Share%20and%20Common%20Stock) This note provides basic and diluted EPS calculations, reporting **$0.97** for Q1 2025 based on **$56.1 million** net income attributable to ALLETE Reconciliation of Basic and Diluted Earnings Per Share | (Millions Except Per Share Amounts) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | **Net Income Attributable to ALLETE** | $56.1 | $50.7 | | **Average Common Shares - Basic** | 57.9 | 57.6 | | **Dilutive Securities** | 0.1 | 0.1 | | **Average Common Shares - Diluted** | 58.0 | 57.7 | | **Earnings Per Share - Basic** | $0.97 | $0.88 | | **Earnings Per Share - Diluted** | **$0.97** | **$0.88** | [Note 8. Income Tax Expense](index=28&type=section&id=Note%208.%20Income%20Tax%20Expense) This note details income tax expense, with Q1 2025 total expense of **$7.5 million** and an effective tax rate of **17.8%**, primarily impacted by tax credits - The effective tax rate for Q1 2025 was **17.8%**, compared to **9.7%** for Q1 2024. The rates for both periods were primarily impacted by tax credits[124](index=124&type=chunk) Income Tax Expense Summary | (Millions) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Total Current Income Tax Expense | $7.8 | $6.9 | | Total Deferred Income Tax Benefit | $(0.3) | $(2.9) | | **Total Income Tax Expense** | **$7.5** | **$4.0** | [Note 9. Pension and Other Postretirement Benefit Plans](index=30&type=section&id=Note%209.%20Pension%20and%20Other%20Postretirement%20Benefit%20Plans) This note outlines net periodic benefit costs and employer contributions for pension and postretirement plans, with **$19.1 million** contributed to pension plans in Q1 2025 - For the three months ended March 31, 2025, ALLETE contributed **$19.1 million** in cash to its defined benefit pension plans and expects to make no further contributions in 2025[129](index=129&type=chunk) Net Periodic Benefit Cost (Credit) for Q1 2025 | (Millions) | Pension | Other Postretirement | | :--- | :--- | :--- | | **Net Periodic Benefit Cost (Credit)** | **$2.5** | **$(3.4)** | [Note 10. Business Segments](index=30&type=section&id=Note%2010.%20Business%20Segments) This note details updated reportable segments: Regulated Operations, ALLETE Clean Energy, and New Energy, with New Energy showing significant growth in Q1 2025 net income - In Q1 2025, the company updated its reportable segments to: Regulated Operations, ALLETE Clean Energy, and New Energy, reflecting New Energy's increased contribution to net income[130](index=130&type=chunk) Net Income (Loss) Attributable to ALLETE by Segment | (Millions) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Regulated Operations | $38.4 | $44.2 | | ALLETE Clean Energy | 7.4 | 3.8 | | New Energy | 9.2 | 4.0 | | Corporate and Other | 1.1 | (1.3) | | **Total Net Income Attributable to ALLETE** | **$56.1** | **$50.7** | Total Assets by Segment | (Millions) | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Regulated Operations | $4,560.2 | $4,489.4 | | ALLETE Clean Energy | 1,464.2 | 1,477.4 | | New Energy | 351.4 | 335.7 | | Corporate and Other | 490.5 | 451.8 | | **Total Assets** | **$6,866.3** | **$6,754.3** | [Note 11. Agreement and Plan of Merger](index=33&type=section&id=Note%2011.%20Agreement%20and%20Plan%20of%20Merger) This note describes the May 2024 merger agreement for ALLETE's acquisition by Alloy Parent for **$3.9 billion**, with shareholder and key regulatory approvals received - On May 5, 2024, ALLETE entered into a merger agreement to be acquired by Alloy Parent for **$67.00 per share** in cash, an aggregate equity value of approximately **$3.9 billion**[136](index=136&type=chunk)[137](index=137&type=chunk) - Shareholders approved the merger on August 21, 2024. ALLETE has received approvals from FERC, PSCW, and CFIUS[141](index=141&type=chunk)[142](index=142&type=chunk) - The MPUC has referred the merger for a contested case proceeding, with an Administrative Law Judge's report and recommendation requested by July 15, 2025[142](index=142&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=34&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on Q1 2025 financial results, highlighting increased net income driven by ALLETE Clean Energy and New Energy segments - Q1 2025 net income attributable to ALLETE was **$56.1 million** (**$0.97 per diluted share**), up from **$50.7 million** (**$0.88 per diluted share**) in Q1 2024. Results include after-tax transaction expenses of **$2.1 million** related to the pending merger[150](index=150&type=chunk) - Growth was driven by ALLETE Clean Energy (net income up to **$7.4M** from **$3.8M**) and New Energy (net income up to **$9.2M** from **$4.0M**), while Regulated Operations net income declined to **$38.4M** from **$44.2M**[150](index=150&type=chunk)[151](index=151&type=chunk) [Comparison of the Three Months Ended](index=36&type=section&id=Comparison%20of%20the%20Three%20Months%20Ended) This subsection provides a detailed segment-by-segment analysis of Q1 2025 financial performance, noting decreased Regulated Operations net income offset by growth in other segments - Regulated Operations' net income decreased by **$5.8 million**, primarily due to lower sales to industrial customers (down **12.5%** in kWh) and higher O&M and depreciation expenses[153](index=153&type=chunk)[156](index=156&type=chunk) - ALLETE Clean Energy's net income increased by **$3.6 million**, driven by higher production at tax equity financed wind facilities and recovery from a 2024 network outage near its Caddo facility[150](index=150&type=chunk)[164](index=164&type=chunk)[165](index=165&type=chunk) - New Energy's net income increased by **$5.2 million**, reflecting higher sales of renewable energy projects and investment tax credits compared to 2024[169](index=169&type=chunk) [Critical Accounting Policies](index=39&type=section&id=Critical%20Accounting%20Policies) This section confirms no material changes to the risk factors previously disclosed in the company's 2024 Form 10-K - The company's critical accounting policies, which are regularly reviewed by the Audit Committee, remain unchanged from those disclosed in the 2024 Form 10-K[171](index=171&type=chunk) [Outlook](index=40&type=section&id=Outlook) The company maintains a long-term objective of **5% to 7%** consolidated EPS growth, with Regulated Operations expected to contribute **75%** of net income, supported by the 2025 IRP and transmission investments - ALLETE has a long-term objective of achieving **5% to 7%** consolidated EPS growth and expects Regulated Operations to comprise approximately **75%** of total consolidated net income in 2025[174](index=174&type=chunk)[175](index=175&type=chunk) - Minnesota Power filed its 2025 IRP to align with the state's **100%** carbon-free energy by 2040 law, planning significant additions of wind, solar, storage, and natural gas generation[179](index=179&type=chunk) - A key transmission project is the modernization of the HVDC line, estimated to cost between **$800 million** and **$940 million**, with construction beginning in 2025[187](index=187&type=chunk) [Liquidity and Capital Resources](index=43&type=section&id=Liquidity%20and%20Capital%20Resources) ALLETE reports strong liquidity with **$92.0 million** in cash and **$341.8 million** in available credit, alongside increased 2025 capital expenditures of approximately **$900 million** - As of March 31, 2025, ALLETE had **$92.0 million** in cash and **$341.8 million** available under consolidated lines of credit[192](index=192&type=chunk) Capital Structure as of March 31, 2025 | (Millions) | Amount | % | | :--- | :--- | :--- | | ALLETE Equity | $2,866.0 | 54 | | Non-Controlling Interest in Subsidiaries | 522.3 | 10 | | Short-Term and Long-Term Debt | 1,936.1 | 36 | | **Total** | **$5,324.9** | **100** | - Capital expenditures for 2025 are now expected to be approximately **$900 million**, an increase reflecting higher spending at Minnesota Power, mainly for the HVDC transmission project[202](index=202&type=chunk) [Other](index=45&type=section&id=Other) This section covers environmental matters, including efforts to reduce coal reliance, and employee relations, noting **1,638 employees** with collective bargaining agreements in place - As of March 31, 2025, ALLETE had **1,638 employees**, with **502** at Minnesota Power and SWL&P, and **134** at BNI Energy covered by collective bargaining agreements[205](index=205&type=chunk)[206](index=206&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=46&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section discusses market risks, including commodity prices and interest rates, noting mitigation strategies and a **$0.3 million** impact from a **100 basis point** interest rate increase - The company's exposure to commodity price risk (coal, natural gas) is largely mitigated by regulatory frameworks that allow for cost recovery from customers[210](index=210&type=chunk) - Based on variable rate debt outstanding as of March 31, 2025, a **100 basis point** increase in interest rates would result in a pre-tax interest expense increase of **$0.3 million**[213](index=213&type=chunk) [Controls and Procedures](index=47&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting - Based on an evaluation as of March 31, 2025, the principal executive and financial officers concluded that the company's disclosure controls and procedures are effective[215](index=215&type=chunk) - No changes occurred during the most recent fiscal quarter that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[216](index=216&type=chunk) Part II. Other Information [Legal Proceedings](index=47&type=section&id=Item%201.%20Legal%20Proceedings) This section incorporates legal and regulatory proceedings by reference, stating that normal course litigation is not expected to materially affect financial position or results - Information regarding material legal and regulatory proceedings is detailed in Note 2 (Regulatory Matters) and Note 6 (Commitments, Guarantees and Contingencies)[217](index=217&type=chunk) - The company does not expect the outcome of litigation arising in the normal course of business to have a material effect on its financial position, results of operations, or cash flows[218](index=218&type=chunk) [Risk Factors](index=47&type=section&id=Item%201A.%20Risk%20Factors) This section confirms no material changes to the risk factors previously disclosed in the company's 2024 Form 10-K - There have been no material changes from the risk factors disclosed in Part I, Item 1A of the 2024 Form 10-K[219](index=219&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=47&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities or use of proceeds during the period - None[220](index=220&type=chunk) [Defaults Upon Senior Securities](index=47&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities during the period - None[221](index=221&type=chunk) [Mine Safety Disclosures](index=47&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section indicates that mine safety violation information, as required by the Dodd-Frank Act, is included in Exhibit 95 - Information concerning mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Act is included in Exhibit 95 to this Form 10-Q[222](index=222&type=chunk) [Other Information](index=48&type=section&id=Item%205.%20Other%20Information) No director or officer adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the quarter - During the quarter ended March 31, 2025, no director or officer adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement[223](index=223&type=chunk) [Exhibits](index=48&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including the Merger Agreement, Note Purchase Agreement, and CEO/CFO certifications - Key exhibits filed include the Agreement and Plan of Merger, a Note Purchase Agreement dated March 25, 2025, CEO/CFO certifications, and Mine Safety disclosures (Exhibit 95)[224](index=224&type=chunk)

Company Leadership Transition - New Energy Equity announced the promotion of Josh Kunkel to Chief Executive Officer effective June 1, 2025, as part of a planned transition [1] - Matt Hankey, the co-founder and current CEO, will take on a new role as Emerging Technologies Officer at ALLETE while remaining on the New Energy Equity Board of Directors [1][2] Company Growth and Achievements - Under Matt Hankey's leadership, New Energy Equity has grown to over 125 employees and has implemented over 270 solar projects across the United States, totaling 600MW and more than $1.5 billion in project investment [2] - The company focuses on developing, financing, operating, and managing solar power generation assets, providing clean electricity to various customers under long-term contracts [4] Future Outlook - Josh Kunkel expressed confidence in leading the company into its next phase of growth, emphasizing the strong foundation built by Hankey and the team [2][3] - ALLETE CEO Bethany Owen highlighted Kunkel's results-driven leadership and commitment to the company's culture and mission, indicating a positive outlook for New Energy Equity's future in the renewable energy industry [3]

Core Points - New Energy Equity's Lift as We Climb Foundation donated $100,000 to Civic Works to enhance solar access for Baltimore households [1][4] - The donation will enable 80 households to receive free solar installations, potentially reducing their electricity bills by 80% to 100% [4] - Civic Works aims to strengthen communities through education and skills development while increasing access to clean energy [5] Company Overview - New Energy Equity LLC, a subsidiary of ALLETE, specializes in developing, financing, operating, and managing solar power generation assets, with over 550MW of solar projects developed and more than $1.2 billion in clean energy investments closed [9] - The Lift As We Climb Foundation was established by New Energy Equity to support local communities through charitable donations, focusing on solar energy projects, education, and workforce training [10] Community Impact - The funding will allow Civic Works to expand its rooftop solar team by hiring two new employees, ensuring sustainable solar deployment in the community [4] - Melvin Brennan, Director of Energy Programs at Civic Works, expressed gratitude for New Energy Equity's commitment to clean energy and its values [7][8]

Core Insights - New Energy Equity has partnered with the Harlem Consolidated School District to develop a 5.54 MWdc solar energy project in Illinois, marking its first initiative in the state's Public Schools Program [1][2]. Company Overview - New Energy Equity is a national leader in developing and financing community and commercial solar projects, having developed over 550 MW of solar projects and closed more than $1.2 billion in clean energy investments [8]. - The company emphasizes its commitment to advancing clean energy in educational settings and empowering communities [5]. Project Details - The solar project will provide significant economic benefits, including discounted electricity, to the Harlem Consolidated School District and residential customers in the Commonwealth Edison service area [2]. - The project aims to offset the energy needs of the school district, which supports over 39,000 students across 11 schools, and expand renewable energy access to the local community [4]. Industry Impact - This initiative is part of Illinois' Adjustable Block Program (ABP), which promotes renewable energy growth across the state [2]. - The collaboration is expected to foster environmental stewardship and sustainability, allowing public schools and communities to transition to renewable energy sources [4][6]. Developer Background - BOW Renewables, the original developer of the project, is committed to providing local community benefits and advancing Illinois' clean energy objectives [7].