WEC Energy Group to acquire 80% ownership of Maple Flats Solar Energy Center – EQ Mag Pro
MILWAUKEE : WEC Energy Group (NYSE: WEC) today announced that the company has agreed to acquire an 80% ownership interest in the Maple Flats Solar Energy Center. Located in Clay County, Illinois, the project is being developed by Invenergy — a leading global developer and operator of sustainable energy solutions.
The Maple Flats Solar Energy Center is a 250-megawatt project. The site will host 800,000 solar panels across 1,500 acres. Commercial operation is expected in early 2024.
The project will generate renewable energy that will be sold under a long-term power purchase agreement with a Fortune 100 company.
WEC Energy Group’s investment is expected to total approximately $360 million for the 80% ownership interest.
This project is the first solar investment in WEC Energy Group’s Infrastructure segment. The company also has existing or planned investments in eight major wind farms totaling more than 1.5 gigawatts of capacity.
“The Maple Flats project demonstrates the growing opportunities for our Infrastructure business as we continue to invest in the production of affordable, reliable and clean energy. This project will help meet the energy needs of one of the largest companies in the world and further diversify our portfolio of renewable assets,” said Gale Klappa, executive chairman.
The Maple Flats investment is expected to be eligible for Production Tax Credits as outlined in the Inflation Reduction Act recently passed by Congress. The transaction is subject to receiving all necessary regulatory approvals.
WEC Energy Group (NYSE: WEC), based in Milwaukee, is one of the nation’s premier energy companies, serving 4.6 million customers in Wisconsin, Illinois, Michigan and Minnesota.
The company’s principal utilities are We Energies, Wisconsin Public Service, Peoples Gas, North Shore Gas, Michigan Gas Utilities, Minnesota Energy Resources and Upper Michigan Energy Resources. Another major subsidiary, We Power, designs, builds and owns electric generating plants. In addition, WEC Infrastructure LLC owns a growing fleet of renewable generation facilities in the Midwest.
WEC Energy Group is a Fortune 500 company and a component of the S&P 500. The company has approximately 38,000 stockholders of record, 7,000 employees and more than $40 billion of assets.