WEC Energy Group agreed to acquire an 80% ownership interest in the Maple Flats Solar Energy Center located in Clay County, Ill. The center is a 250-megawatt project developed by Invenergy. The site will host 800,000 solar panels across 1,500 acres. Commercial operation is expected in early 2024.
The project will generate renewable energy that will be sold under a long-term power purchase agreement with a Fortune 100 company. WEC Energy Group’s investment is expected to total approximately $360 million for the 80% ownership interest.
This project is the first solar investment in WEC Energy Group’s Infrastructure segment. The company also has existing or planned investments in eight major wind farms totaling more than 1.5 gigawatts of capacity.
“The Maple Flats project demonstrates the growing opportunities for our Infrastructure business as we continue to invest in the production of affordable, reliable and clean energy. This project will help meet the energy needs of one of the largest companies in the world and further diversify our portfolio of renewable assets,” said Gale Klappa, executive chairman.
The Maple Flats investment is expected to be eligible for Production Tax Credits as outlined in the Inflation Reduction Act recently passed by Congress. The transaction is subject to receiving all necessary regulatory approvals.
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