WEC Energy Group Inc., which continues to grow its renewable energy business, said it will acquire an 80% ownership interest in Blooming Grove Wind Farm in Illinois for a total investment of $345 million.
The project is being developed in McLean County, Illinois, by Invenergy LLC of Chicago. Commercial operation is expected to begin by the end of 2020, Milwaukee-based WEC Energy (NYSE: WEC) said Monday.
WEC Energy Group (NYSE: WEC) today announced that the company has agreed to acquire an 80% ownership interest in Blooming Grove Wind Farm. The project is being developed in McLean County, Illinois by Invenergy — a leading developer and operator of sustainable energy solutions. Commercial operation is expected to begin by the end of 2020.
The wind farm has long-term offtake agreements for all the energy produced with affiliates of two investment grade multinational companies.
The Blooming Grove site will consist of 94 GE wind turbines with a combined capacity of 250 megawatts. WEC Energy Group’s investment will total $345 million for the 80% ownership interest.
“This is the latest in a series of investments that fit exceptionally well with our strategy of deploying capital in renewable energy assets that will serve strong, vibrant companies for years to come,” said Gale Klappa, executive chairman of WEC Energy Group.
Under the tax rules, the WEC Energy Group investment is expected to be eligible for 100% bonus depreciation and production tax credits. The transaction is subject to receiving all necessary regulatory approvals.
WEC Energy Group (NYSE: WEC), based in Milwaukee, is one of the nation’s premier energy companies, serving 4.5 million customers in Wisconsin, Illinois, Michigan and Minnesota.
The company’s principal utilities are We Energies, Wisconsin Public Service, Peoples Gas, North Shore Gas, Michigan Gas Utilities, Minnesota Energy Resources and Upper Michigan Energy Resources. The company’s other major subsidiary, We Power, designs, builds and owns electric generating plants.
WEC Energy Group (wecenergygroup.com) is a Fortune 500 company and a component of the S&P 500. The company has approximately 45,000 stockholders of record, 8,000 employees and more than $34 billion of assets.