Milwaukee, Wis.-based WEC Energy Group has announced an agreement to acquire an 80% ownership interest in the Bishop Hill III Wind Energy Center, located in Henry County, Ill.
The Bishop Hill III site, consisting of 53 GE turbines with a capacity of 132 MW, was developed by Invenergy and placed into service in May. WEC Energy Group’s investment will total $148 million.
The project has a 22-year off-take agreement with WPPI Energy for 100% of the energy produced. WPPI Energy, based in Sun Prairie, Wis., is a nonprofit that provides electric power to 51 member utilities in Wisconsin, Michigan and Iowa.
WEC Energy Group is a Fortune 500 company. Its principal utilities are We Energies, Wisconsin Public Service, Peoples Gas, North Shore Gas, Michigan Gas Utilities, Minnesota Energy Resources and Upper Michigan Energy Resources.
“This investment is a logical extension of our core business,” states Gale Klappa, chairman and CEO of WEC Energy Group. “WPPI has been a significant wholesale customer of ours for years, and we’re pleased to extend that relationship with a new, efficient renewable facility that exists within the Midcontinent Independent System Operator footprint.”
The company says its investment is expected to be eligible for 100% bonus depreciation and production tax credits. The transaction is subject to approval by the Federal Energy Regulatory Commission.
