Milwaukee-based WEC Energy Group has acquired an 80% ownership interest in the Coyote Ridge Wind Farm, which is under construction in Brookings County, S.D.
The Coyote Ridge project is being developed and will be operated by Avangrid Renewables. The wind farm, expected to be in service by the end of this year, has a long-term off-take agreement with Google Energy LLC for 100% of the energy produced.
The project consists of 39 GE wind turbines with a combined capacity of 97 MW. WEC Energy Group’s investment will total $145 million for the 80% ownership interest and substantially all of the tax benefits.
“We continue to see promising opportunities to deploy capital in renewable energy assets that will serve strong, growing companies for years to come,” says Gale Klappa, chairman and CEO of WEC Energy Group, which serves 4.5 million customers in Wisconsin, Illinois, Michigan and Minnesota.
WEC Energy Group’s investment is expected to be eligible for 100% bonus depreciation. The transaction has received all necessary regulatory approvals.