The WEC Energy Group has announced that the company has agreed to acquire an 80 percent ownership interest in Blooming Grove Wind Farm.
The WEC Energy Group has announced that the company has agreed to acquire an 80 percent 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 (MW). The Group’s investment will total USD 345 million for the 80 percent 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 percent bonus depreciation and production tax credits. The transaction is subject to receiving all necessary regulatory approvals.
Recently, Independent energy company Tenaska and Bright Canyon Energy announced that Bright Canyon has acquired ownership interests in two Tenaska-developed wind projects.
The transaction, which closed December 20, 2019, includes the purchase of indirect minority interests in both Tenaska Clear Creek Wind, owner of Tenaska Clear Creek Energy Center in Missouri, and Nobles 2 Power Partners, owner of the Nobles 2 wind farm in Minnesota. Both projects are under construction and anticipated to be fully operational in 2020.
In December 2019, we had reported that Aquila Capital has acquired all shares in Øyfjellet Wind AS, which holds the rights to establish wind farm Øyfjellet with a capacity of 400 MW in Norway.
The transaction covers the sale of 100 percent of the shares of the project company that holds all the project rights for the wind power project, including a 15-year power purchase agreement (PPA) with Alcoa Norway. The parties have signed a construction management agreement by which Eolus will manage the construction of the wind farm on behalf of Aquila Capital.