WEC ENERGY GROUP WILL SPEND $360 MILLION TO OWN PART OF ILLINOIS SOLAR FARM

WEC Energy Group will become the majority owner of a large Illinois solar farm that will provide energy for a single Fortune 100 company.

The 250-megawatt Maple Flats Energy Center is being built in south central Illinois by Invenergy, a renewable-energy developer based in Chicago. The 1,500-acre solar array will produce enough electricity to power 75,000 homes, but that energy will be sold under a long-term contract to a single customer that the company did not identify.

A subsidiary, WEC Infrastructure LLC will buy an eighty percent stake in the solar farm and receive federal tax credits based on the energy it produces to generate earnings from its operation. WEC Infrastructure's investment will be about $360 million, the company said Monday.

The company will take ownership when Maple Flats goes into operation in 2024. 

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