February 20 (Renewables Now) - WEC Energy Group (NYSE:WEC) has agreed to lift to 90% its shareholding in a 750-MW portfolio of Midwest wind farms developed by Invenergy LLC.
The Milwaukee-based energy company said on Wednesday it will pay a total of USD 118 million (EUR 109.4m) to get an additional 75 MW of capacity in the portfolio, thus increasing its ownership interest from 80% to 90%. This investment will be eligible for 100% bonus depreciation and production tax credits. The deal is subject to regulatory approval.
The power plants included in the bundle are the 250-MW Blooming Grove wind farm in Illinois, the 300-MW Thunderhead Wind Energy Center and the 200-MW Upstream Wind Energy Center, both in Nebraska. Invenergy is currently building the first two wind farms and plans to bring them online by end-2020, while the Upstream complex was commissioned in January 2019. All power plants have in place long-term power purchase agreements (PPAs) wth affiliates of investment-grade multinational corporations.
"This agreement marks another step forward for the energy infrastructure segment of our five-year capital plan," said WEC Energy’s CEO Gale Klappa. Under the plan, the company aims to pour USD 1.8 billion in “high-quality projects that will serve strong, vibrant companies for years to come."
(USD 1.0 = EUR 0.927)