WEC Energy Group has agreed a $148m deal to acquire an 80% stake in the Bishop Hill III Wind Energy Center in Henry County, Illinois, US.

Developed by Invenergy, the Bishop Hill III Wind Energy Centre began service in May this year.

The site comprises 53 General Electric turbines that have a capacity to generate 132MW of clean energy.

The project has a 22-year offtake agreement in place with not-for-profit organisation WPPI Energy for 100% of energy produced.

WPPI Energy provides electric power to 51 member utilities in Wisconsin, Michigan and Iowa.

Under the new tax rules, WEC’s investment is expected to receive 100% bonus depreciation and for production tax credits.

Completion of the transaction is subject to approval by the Federal Energy Regulatory Commission.

“The company reported a net income of $390.1m for the first quarter of 2018.”

Last month, the company reported a net income of $390.1m for the first quarter of 2018, representing an increase from $356.6m in the same period of 2017.

During the 2018 period, natural gas deliveries in Wisconsin, excluding gas used for power generation, rose by 11.2%, compared to the same period in the previous year.

WEC serves 4.5 million customers in Wisconsin, Illinois, Michigan and Minnesota.

The company’s principal utilities include Wisconsin Public Service, Peoples Gas, North Shore Gas, Michigan Gas Utilities, Minnesota Energy Resources and Upper Michigan Energy Resources.

WEC’s other subsidiary We Power designs, builds and owns electric-generating plants.

WEC currently has approximately $31bn of assets.