Justin Paget
WEC Energy (NYSE:WEC) said Monday it agreed to acquire an 80% ownership interest in the Maple Flats Solar Energy Center in Illinois for ~$360M, in the company's first solar investment.
Maple Flats is a 250 MW project that will host 800K solar panels across 1,500 acres; it is being developed by Invenergy, with commercial operation expected to begin in early 2024.
The project will generate renewable energy that will be sold under a long-term power purchase agreement with an unnamed Fortune 100 company.
WEC Energy (WEC) expects the Maple Flats investment will be eligible for production tax credits as outlined in the Inflation Reduction Act.
WEC Energy (WEC) is "one of the top names in the utility segment for consistently high earnings growth and shareholder returns," Gen Alpha writes in an analysis posted on Seeking Alpha.