Allete ( NYSE: ALE ) and Grid United announced plans Monday to jointly develop the North Plains Connector , a 385-mile high-voltage transmission line from central North Dakota to Colstrip, Montana.
Allete ( ALE ) said the project connecting the North Dakota and Montana grids represents a ~$2.5B investment, and the company expects to pursue at least 35% ownership and oversee the line's operation.
The North Plains Connector project is in the development phase, with Grid United engaging with landowners and stakeholders to determine the best route for the line.
The companies say they expect project permitting will start this year en route toward an in-service date of 2029, pending regulatory approvals.
Allete ( ALE ) offers an attractive and safe dividend yield of 4.3%, Robert Honeywill writes in an analysis published on Seeking Alpha .
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Allete, Grid United unveil $2.5B plan to develop key transmission link