WEC Energy Group to buy 80% stake in Illinois wind farm for $345 million
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WEC Energy Blooming Grove Investment underscores Midwest renewable energy growth, with Invenergy, GE turbines, and 250 MW wind power capacity, tax credits, PPAs, and utility-scale generation supplying corporate offtakers via long-term contracts.
A Closer Look
It is WEC Energy's $345M purchase of an 80% stake in Invenergy's 250 MW Blooming Grove wind farm in Illinois.
94 GE turbines; 250 MW utility-scale wind capacity
Output contracted to two multinational offtakers
Eligible for 100% bonus depreciation and wind tax credits
WEC Energy Group, the parent company of We Energies, is buying an 80% stake in a wind farm, as seen with projects like Enel's 450 MW wind farm coming online, in McLean County, Illinois, for $345 million.
The wind farm, known as the Blooming Grove Wind Farm, is being developed by Invenergy, which recently completed the largest North American wind build with GE partners, 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, echoing heartland investment growth across the region. The power from the wind farms is sold to other utilities or companies, as federal initiatives like DOE wind awards continue to support innovation, 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, similar to recent project operations in the sector, and will have a capacity of 250 megawatts, WEC said in a news release.
Affiliates of two undisclosed multinational companies akin to EDF's offshore investment activity have contracted to take all of the wind farm's output.
The investment is expected to be eligible for 100% bonus depreciation and, as wind economics help illustrate key trends, the tax credits available for wind projects, WEC Energy said.
