WEC Energy Group announced that the company has agreed to acquire an 80% ownership interest in Blooming Grove Wind Farm. The project is being developed in McLean County, Illinois by Invenergy -- a leading developer and operator of sustainable energy solutions. Commercial operation is expected to begin by the end of 2020.
The wind farm has long-term offtake agreements for all the energy produced with affiliates of two investment grade multinational companies.
The Blooming Grove site will consist of 94 GE wind turbines with a combined capacity of 250 megawatts. WEC Energy Group's investment will total $345 million for the 80% ownership interest.
"This is the latest in a series of investments that fit exceptionally well with our strategy of deploying capital in renewable energy assets that will serve strong, vibrant companies for years to come," said Gale Klappa, executive chairman of WEC Energy Group.
Under the tax rules, the WEC Energy Group investment is expected to be eligible for 100% bonus depreciation and production tax credits. The transaction is subject to receiving all necessary regulatory approvals.
WEC Energy Group | wecenergygroup.com