WEC Energy Group to buy 80% stake in Illinois wind farm for $345 million

wec deal

subscribe

WASHINGTON -

WEC Energy Group, the parent company of We Energies, is buying an 80% stake in a wind farm in McLean County, Illinois, for $345 million.

The wind farm, known as the Blooming Grove Wind Farm, is being developed by Invenergy, a company based in Chicago that develops wind, solar and other power projects. WEC Energy has invested in several wind farms developed by Invenergy.

With the agreement announced Monday, WEC Energy will have invested more than $1.2 billion in wind farms in the Midwest. The power from the wind farms is sold to other utilities or companies, and the projects are separate from the investments made by WEC Energy's regulated utilities, such as We Energies, in wind power.

The project, which will consist of 94 wind turbines from General Electric, is expected to be completed this year and will have a capacity of 250 megawatts, WEC said in a news release.

Affiliates of two undisclosed multinational companies have contracted to take all of the wind farm's output.

The investment is expected to be eligible for 100% bonus depreciation and the tax credits available for wind projects, WEC Energy said.

Related News

power lines

Which of the cleaner states imports dirty electricity?

WASHINGTON - In the United States, electricity generation accounts for nearly 30% of our carbon emissions. Some states have responded to that by setting aggressive renewable energy standards; others are hoping to see coal propped up even as its economics get worse. Complicating matters further is the fact that many regional grids are integrated, meaning power generated in one location may be exported and used in a different state entirely.

Tracking these electricity exports is critical for understanding how to lower our national carbon emissions. In addition, power from a dirty source like coal has health and environment impacts where it's…

READ MORE
power

Warning: Manitoba Hydro can't service new 'energy intensive' customers

READ MORE

sonoma fireflighter

PG&E says power lines may have started 2 California fires

READ MORE

Iceland Cryptocurrency mining uses so much energy, electricity may run out

READ MORE

china three gorges dam

Shell says electricity to meet 60 percent of China's energy use by 2060

READ MORE