As we announced earlier this year, Bob is retiring in June after more than 35 years at ALLETE.
These financial results were firmly within our 2021 earnings guidance range of $3 to $3.30 per share.
We're committed to ALLETE's long-term five-year objective of achieving consolidated average annual earnings per share growth within a range of 5% to 7%, and I'm confident in our ability to achieve this for our investors.
We're making significant progress on Minnesota Power's vision to provide 100% carbon free energy to customers by 2050.
And it has been great to see that Minnesota Power's taconite customers finished 2021 at full production of approximately 40 million tons.
We anticipate 2022 production to be closer to average at around 35 million tons as reflected in Minnesota Power's rate case.
With the recently completed 303 megawatt Caddo wind facility now in service, ALLETE Clean Energy's total wind capacity has increased to more than 1,300 megawatts.
Today ALLETE reported 2021 earnings of $3.23 per share or net income of $169.2 million.
Earnings for 2020 were $3.35 per share or net income of $174.2 million.
Earnings in 2021 reflected a $0.16 per share gain recorded in the fourth quarter for the sale of a portion of the Nemadji Trail Energy Center by South Shore Energy, ALLETE's non-rate regulated Wisconsin subsidiary.
Earnings in 2021 reflected a $0.07 per share charge resulting from the Minnesota Public Utilities Commission decision to order refunds in Minnesota Power's fuel adjustment clause filing, covering the periods of July 2018 through December 2019.
Net income in 2021 also included a $0.10 per share negative impact of ALLETE Clean Energy's Diamond Spring wind energy facility related to the extreme weather in the first quarter of 2021.
Overall, ALLETE's consolidated results for the fourth quarter exceeded our expectations with earnings at $1.18 per share, compared to $0.90 per share for the same quarter in 2020.
At least regulated operations segment recorded net income of $29.7 million in the fourth quarter of 2021, as compared to $25.3 million in 2020.
Earnings reflected higher net income at Minnesota Power, primarily due to higher megawatt hour sales to retail and municipal customers, including a 10% increase from taconite customers and positive income tax expense timing differences.
ALLETE Clean Energy recorded fourth quarter 2021 net income of $14.6 million, compared to $13.1 million in 2020.
Our corporate and other businesses recorded net income of $17.6 million in 2021, compared to net income of $8.7 million in 2020.
2021 included an $8.5 million after-tax gain from South Shore Energy sale of a portion of its interest in the Nemadji Trail Energy Center.
Also positively impacting 2021 results are higher earnings from our investment in the Nobles 2 energy facility, which commenced operations in December 2020, and higher net income from land sales at ALLETE properties.
Today, we initiated 2022 earnings guidance of $3.60 to $3.90 per share, a net income of $195 million to $210 million.
The midpoint of our guidance range represents a 16% increase over 2021 results and reflects our expectations of improving returns and positive momentum around our clean energy investments.
This guidance range is comprised of our regulated operations within a range of $2.60 to $2.80 per share in ALLETE Clean Energy and our Corp. and other businesses within a range of $1 to $1.10 per share.
To provide visibility into 2022, ALLETE provided a preliminary estimated earnings guidance range of $3.70 to $4 per share.
The reason for the approximately $0.10 difference between our preliminary guidance estimate and our 2022 guidance issued today relates primarily to ALLETE Clean Energy's expectation of lower megawatt hour generation from its legacy wind energy facilities.
Our guidance reflects interim rates for the Minnesota Power retail rate case of approximately $87 million.
Minnesota Power's investor sales are expected to range between 6 million to 6.5 million megawatt hours, which reflects anticipated production from our taconite customers of approximately 35 million tons.
ALLETE Clean Energy expects total wind generation of approximately 4 million megawatt hours this year, compared to 3 million megawatt hours last year with the expectation of normal wind resources.
For our Corp. and other businesses, we expect slightly higher earnings from our investment in the Nobles 2 wind energy facility and earnings from a new Minnesota solar project expected to be completed later this year.
Earnings per share reflects $50 million of additional equity issuances to fund the Caddo project and other growth initiatives.
As previously disclosed, we plan to repower and sell the now 100 megawatt Northern Wind project, which consists of the existing Chanarambie and Viking facilities to a subsidiary of Xcel Energy.
ALLETE Clean energy has experienced inflationary increases and significant cost pressures related to this project, and as a result, now anticipates a slight loss on the eventual sale of this project, which resulted in an approximately $2 million after-tax charge in the fourth quarter of 2021.
The 20 megawatt Rock Aetna portion of this project is positioned to move forward in tandem with the Northern wind power as a shovel-ready project with attractive future profit potential.
We are finalizing development plans to begin and complete construction of the 92 megawatt Red Barn build-on transfer project, the closing expected in early 2023.
The extension of this project, and a testament to our strong relationships with optionality to serve C&I customers or regional utilities, the 68 megawatt whitetail development project is also advancing with its advanced transmission Q position and landowner relationships for either a long-term PPA or build-on transfer project.
Leveraging ALLETE Clean Energy safe harbor turbines, we continue to advance the 200 megawatt Ruso wind project in North Dakota and are working with various regulators on permitting and citing for this facility.
I have worked with Steve for over 20 years, and I found him to be an individual of very high integrity and rock solid in terms of his financial expertise, leadership qualities, and strategic mindset.
We begin 2022 with a strong balance sheet, conservative capital structure at approximately 40% total debt, and an excess of $260 million in operating cash flow.
A notable achievement on the financing side was our ability to secure approximately $240 million in tax equity financing of the $450 million project under very competitive terms.
Of the $200 million in total equity investment, $50 million will be raised through our ATM program, as Steve noted earlier in his 2022 guidance overview.
As Bethany stated, we are committed and confident in our ability to achieve ALLETE's longer-term average annual growth objective within a range of 5% to 7%.
As a reminder, this is comprised of 4% to 5% from the regulated utility businesses and at least 15% for the non-regulated businesses.
As promised, Slide 10 represents our traditional capex table, and Slide 12 is the financing and support of this $1.8 billion capex plan, highlighting significant clean energy investments in the next five years.
In conjunction with Minnesota Power's outstanding IRP process currently under consideration by the MPUC, our projected spend in this updated capex table is approximately $1.8 billion over the next five years and is predominantly for regulated or utility-like clean energy infrastructure, representing a 19% compounded annual growth rate over 2021 levels, and translate into rate base growth of over 5%.
As renewable generation continues to expand, our planned expansion of our 550 megawatt DC transmission line by 65% to -- or 900 megawatts is a key component in the solution to address this issue.
Minnesota Power's mission to deliver 100% carpentry energy by 2050 will require significant investment in renewable generation and in transmission and distribution over the next decade or so.
Our non-regulated business segment, which is comprised primarily of ALLETE Clean Energy, is expected to continue to exceed our 15% growth objective in the foreseeable future.

Summary:
Today ALLETE reported 2021 earnings of $3.23 per share or net income of $169.2 million.
Overall, ALLETE's consolidated results for the fourth quarter exceeded our expectations with earnings at $1.18 per share, compared to $0.90 per share for the same quarter in 2020.
Today, we initiated 2022 earnings guidance of $3.60 to $3.90 per share, a net income of $195 million to $210 million.