View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
January 9, 2019

WEC Energy acquires 80% stake in Coyote Ridge windfarm

US-based WEC Energy Group has bought an 80% stake in Coyote Ridge windfarm from Avangrid Renewables.

US-based WEC Energy Group has bought an 80% stake in Coyote Ridge windfarm from Avangrid Renewables.

Free Report
img

Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

WEC Energy Group paid $145m for the project interest and all related tax benefits.

Located in Brookings County, South Dakota, Coyote Ridge windfarm is currently under development and will be operated by Avangrid Renewables once it begins its operations later this year.

Avangrid Renewables president and CEO Laura Beane said: “Working with a trusted partner like WEC Energy Group aligns with our strategy to maximise the value of our robust renewables pipeline.

“This opportunity enables us to work together to drive economic development and deliver clean energy solutions to meet market demand.”

Avangrid Renewables anticipates that the windfarm could contribute more than $20m over its lifetime through combined land lease payments to landowners, in addition to local and state taxes.

“This opportunity enables us to work together to drive economic development and deliver clean energy solutions to meet market demand.”

Featuring 39 GE wind turbines, Coyote Ridge windfarm will have the capacity to generate 97MW of energy.

The project currently has a long-term offtake agreement with Google Energy for 100% of energy produced.

WEC Energy Group chairman and CEO Gale Klappa said: “We continue to see promising opportunities to deploy capital in renewable energy assets that will serve strong, growing companies for years to come.”

Under the new tax rules, the WEC Energy Group investment is expected to be eligible for 100% bonus depreciation.

The deal is reported to have gained all the necessary approvals from regulatory authorities.

Related Companies

Free Report
img

Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Wednesday. The power industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Power Technology