WEC Energy ups stake in 750-MW Midwest wind portfolio

Wind turbines in Illinois, USA. Author: Tom. License: Creative Commons. Attribution 2.0 Generic.

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)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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