WEC Energy to acquire USD-360m majority stake in United States solar project
- Milwaukee-based utility holding company WEC Energy Group (NYSE: WEC) has actually authorized an offer to obtain an 80% interest in the 250-MW Maple Flats Solar Energy Center in Illinois from developer Invenergy.
WEC claimed in a declaration on Monday that it will certainly pay some USD 360 million (EUR 362m) for the majority stake, which marks the very first solar investment in its Infrastructure segment. The group additionally has existing or intended investments in eight wind ranches with an integrated capacity surpassing 1.5 GW.
"This project will aid meet the energy requirements of one of the biggest companies worldwide and additionally expand our portfolio of renewable assets," said executive chairman Windstorm Klappa.
The Maple Flats Solar Energy Center will be developed across 1,500 acres in Clay County where an overall of 800,000 photovoltaic (PV) panels will be set up. Upon conclusion in very early 2024, the facility will market electrical energy under a long-term power acquisition contract (PPA) with a Lot of money 100 firm. The project is additionally expected to be eligible for Production Tax Credits.