WEC Energy Group has agreed to increase its ownership interest from 80% to 90% in three Midwest wind farms: Blooming Grove Wind Farm, Thunderhead Wind Energy Center and the Upstream Wind Energy Center.
The total investment is $118 million for an additional 75 MW of capacity.
“This agreement marks another step forward for the energy infrastructure segment of our five-year capital plan,” says Gale Klappa, executive chairman of WEC Energy Group.
“The plan calls for deploying $1.8 billion in high-quality projects that will serve strong, vibrant companies for years to come,” Klappa adds.
Invenergy, a developer and operator, is currently building the Blooming Grove and Thunderhead projects, which are expected to achieve commercial operation by the end of 2020. The Upstream Wind Energy Center, also developed by Invenergy, began service in January 2019. All three wind farms have long-term offtake agreements with affiliates of investment-grade multinational corporations.
Under tax rules, the WEC Energy Group investment is expected to be eligible for 100% bonus depreciation and production tax credits. The transactions are subject to receiving all necessary regulatory approvals.
Photo: Invenergy’s landing page