WEC Energy to Acquire 90% Ownership of Delilah I Solar Energy Center

Source: www.gulfoilandgas.com 4/29/2024, Location: North America

WEC Energy Group (NYSE: WEC) announced that the company has agreed to acquire a 90% ownership interest in the Delilah I Solar Energy Center.

Delilah I is a 300-megawatt project located approximately 140 miles northeast of Dallas, Texas. The project was developed and built by Invenergy — a leading global developer and operator of sustainable energy solutions. Commercial operation is expected to begin by the end of June.

Delilah I will generate renewable energy under a long-term power purchase agreement with a global automaker. WEC Energy Group's investment is expected to total $459 million for the 90% ownership interest.

"The Delilah Solar project is an exciting addition to our Infrastructure business and highlights our continued investment in affordable, reliable and clean energy. This project will help one of the world's largest automakers meet their clean energy goals for years to come," said Gale Klappa, executive chairman.

Delilah I is part of the five-phase Samson & Delilah solar portfolio, one of the largest solar facilities under construction in the United States. WEC Energy Group already owns a majority interest in Samson I — a separate phase of the Samson & Delilah project.

The Delilah Solar investment is eligible for production tax credits as outlined in the Inflation Reduction Act passed by Congress. The transaction is subject to receipt of all necessary regulatory approvals.

WEC Energy Group's Infrastructure segment has existing or planned investments in 11 solar and wind projects totaling more than 2 gigawatts of capacity. All of the projects have long-term off-take agreements.

WEC Energy Group (NYSE: WEC), based in Milwaukee, is one of the nation's premier energy companies, serving 4.7 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 states ranging from South Dakota to Texas.

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