WEC Energy Group Acquires Majority Stake in Texas Solar Park

• WEC Energy Group buys 80% interest in the 250-MW Samson I Solar Energy Centre in Texas for $250 million, advancing their sustainable energy portfolio.

What happened?

Milwaukee-based utility holding company WEC Energy Group has acquired an 80% interest in the 250-MW Samson I Solar Energy Centre in Texas. The company will pay around $250 million to buy the majority stake from developer and installer, Invenergy LLC. The Samson I Solar Energy Centre is located 140 miles northeast of Dallas and has been generating electricity since May 2022, selling its output under a long-term power purchase agreement with AT&T.

Why does it matter?

WEC Energy Group's acquisition of the majority stake in the Texas solar park is significant for several reasons. Firstly, it shows the company's commitment to expanding its sustainable energy portfolio. The acquisition comes on the heels of WEC Energy Group's October 2022 deal with Invenergy for an 80% stake in the 250-MW Maple Flats Solar Energy Center in Illinois. Secondly, the Samson I Solar Energy Centre is part of the five-phase Samson Solar Energy Centre, which is expected to produce power for approximately 300,000 homes when fully operational. The centre will also have big-name off-takers, including Google, Honda, McDonald's and local municipalities.

What's next?

WEC Energy Group's purchase of the majority stake in the Texas solar park is pending regulatory clearance. The company also has existing or planned investments in eight wind farms with a combined capacity of close to 2 GW. Once the acquisition is complete, WEC Energy Group is expected to continue expanding its sustainable energy portfolio, with the goal of providing clean, renewable energy to its customers. As the demand for sustainable energy continues to grow, WEC Energy Group's acquisition of the majority stake in the Texas solar park positions the company well to meet the future energy needs of its customers.