MILWAUKEE, April 29,
2024 /PRNewswire/ -- WEC Energy Group (NYSE: WEC)
today announced that the company has agreed to acquire a 90%
ownership interest in the Delilah I Solar Energy Center.
Delilah I is a 300-megawatt project located approximately 140
miles northeast of Dallas, Texas.
The project was developed and built by Invenergy — a leading global
developer and operator of sustainable energy solutions. Commercial
operation is expected to begin by the end of June.
Delilah I will generate renewable energy under a long-term power
purchase agreement with a global automaker. WEC Energy Group's
investment is expected to total $459
million for the 90% ownership interest.
"The Delilah Solar project is an exciting addition to our
Infrastructure business and highlights our continued investment in
affordable, reliable and clean energy. This project will help one
of the world's largest automakers meet their clean energy goals for
years to come," said Gale Klappa,
executive chairman.
Delilah I is part of the five-phase Samson & Delilah solar
portfolio, one of the largest solar facilities under construction
in the United States. WEC Energy
Group already owns a majority interest in Samson I — a separate
phase of the Samson & Delilah project.
The Delilah Solar investment is eligible for production tax
credits as outlined in the Inflation Reduction Act passed by
Congress. The transaction is subject to receipt of all necessary
regulatory approvals.
WEC Energy Group's Infrastructure segment has existing or
planned investments in 11 solar and wind projects totaling more
than 2 gigawatts of capacity. All of the projects have long-term
off-take agreements.
WEC Energy Group (NYSE: WEC), based in Milwaukee, is one of the nation's premier
energy companies, serving 4.7 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
states ranging from South Dakota
to Texas.
WEC Energy Group (wecenergygroup.com) is a Fortune 500
company and a component of the S&P 500. The company has
approximately 35,000 stockholders of record, 7,000 employees and
more than $43 billion of
assets.
Forward-looking statements
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 plans and
amounts, commencement of operations and planned capacity,
availability of tax credits, and regulatory approvals. 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.
Factors that could cause actual results to differ materially
from those contemplated in any forward-looking statements include,
but are not limited to: general economic conditions, including
business and competitive conditions in the company's service
territories; timing, resolution and impact of rate cases and other
regulatory decisions, including rider reconciliations; the
company's ability to continue to successfully integrate the
operations of its subsidiaries; availability of the company's
generating facilities and/or distribution systems; unanticipated
changes in fuel and purchased power costs; key personnel changes;
unusual, varying, or severe weather conditions; continued industry
restructuring and consolidation; continued advances in, and
adoption of, new technologies that produce power or reduce power
consumption; energy and environmental conservation efforts;
electrification initiatives, mandates, and other efforts to reduce
the use of natural gas; the company's ability to successfully
acquire and/or dispose of assets and projects and to execute on its
capital plan; terrorist, physical or cyber-security threats or
attacks and data security breaches; construction risks; labor
disruptions; equity and bond market fluctuations; changes in the
company's and its subsidiaries' ability to access the capital
markets and shareholder approval of related proposals; changes in
tax legislation or our ability to use certain tax benefits and
carryforwards federal, state and local legislative and regulatory
changes, including changes in rate-setting policies or procedures
and environmental standards the enforcement of these laws and
regulations or permit conditions and changes in the interpretation
of regulations by regulatory agencies; supply chain disruptions;
inflation; political or geopolitical developments, including
impacts on the global economy, supply chain and fuel prices,
generally, from ongoing, escalating, or expanding regional
conflicts; the impact from any health crises, including epidemics
and pandemics; current and future litigation and regulatory
investigations, proceedings or inquiries; changes in accounting
standards; the financial performance of American Transmission
Company as well as projects in which the company's energy
infrastructure business invests; the ability of the company to
obtain additional generating capacity at competitive prices;
goodwill and its possible impairment; and other factors described
under the heading "Factors Affecting Results, Liquidity and Capital
Resources" in Management's Discussion and Analysis of Financial
Condition and Results of Operations and under the headings
"Cautionary Statement Regarding Forward-Looking Information" and
"Risk Factors" contained in the company's Form 10-K for the year
ended December 31, 2023, and in
subsequent reports filed with the Securities and Exchange
Commission. Except as may be required by law, the company expressly
disclaims any obligation to publicly update or revise any
forward-looking information.
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SOURCE WEC Energy Group
