WEC Energy To Buy 80% Of Maple Flats Solar Energy For Around $360 Mln

(RTTNews) - WEC Energy Group (WEC), an electricity and natural gas provider, said on Monday that it has agreed to acquire an 80 percent ownership in the Maple Flats Solar Energy Center for around $360 million.

The deal is subject to receiving all necessary regulatory approvals. The Illinois-based 250-megawatt project is being developed by Invenergy, a sustainable energy firm.

The commercial operation of the site is expected in early 2024, which will host 800,000 solar panels across 1,500 acres.

WEC Energy expects to sell renewable energy from the project under a long-term power purchase agreement with a Fortune 100 company.

The project is the first solar investment in WEC Energy Group's Infrastructure segment.

Gale Klappa, Executive Chairman, said: "The Maple Flats project demonstrates the growing opportunities for our Infrastructure business as we continue to invest in the production of affordable, reliable and clean energy. This project will help meet the energy needs of one of the largest companies in the world and further diversify our portfolio of renewable assets."