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 .
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WEC Energy to buy 80% stake in Maple Flats Solar in $360M deal