WEC Energy Group (NYSE: WEC) today announced that the company has agreed to acquire a 90% ownership interest in the Jayhawk Wind Farm, to be built in Bourbon and Crawford counties, Kansas.
Jayhawk will generate renewable energy that will be sold under long-term contract to Facebook. The Jayhawk site will consist of 70 GE wind turbines with a combined capacity of more than 190 megawatts.
The project is being developed by Apex Clean Energy, a leading clean energy company. Invenergy will acquire the remaining 10% ownership interest and will operate the facility. Commercial operation is expected to begin by the end of 2021.
WEC Energy Group’s investment is expected to total $302 million for the 90% ownership interest and substantially all of the tax benefits. The investment is part of the company’s $16 billion ESG Progress Plan — the largest 5-year capital plan in the company’s history. It calls for investment in efficiency, sustainability and growth.
“Our commitment to the Jayhawk project is the next step forward in our comprehensive plan to build a bright, sustainable future, serve strong vibrant customers and continue to grow earnings from our portfolio of renewable energy assets,” said Gale Klappa, executive chairman.
The transaction is subject to receiving all necessary regulatory approvals.
WEC Energy Group (NYSE: WEC), based in Milwaukee, is one of the nation’s premier energy companies, serving 4.6 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 the Midwest.
WEC Energy Group (wecenergygroup.com) is a Fortune 500 company and a component of the S&P 500. The company has approximately 42,000 stockholders of record, 7,300 employees and $37 billion of assets.
Certain statements contained in this press release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based upon management’s current expectations and are subject to risks and uncertainties that could cause our actual results to differ materially from those contemplated in the statements. Readers are cautioned not to place undue reliance on these statements. Forward—looking statements include, among other things, statements concerning management’s expectations and projections regarding investment amounts, tax impacts, construction plans and completion of the project. In some cases, forward—looking statements may be identified by reference to a future period or periods or by the use of forward—looking terminology such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “guidance,” “intends,” “may,” “objectives,” “plans,” “possible,” “potential,” “projects,” “should,” “targets,” “will” or similar terms or variations of these terms.
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