WEC Energy to acquire stake in Invenergy’s Blooming Grove Wind Farm

28 January 2020 (Last Updated January 28th, 2020 10:16)

US-based electric services company WEC Energy has acquired an 80% ownership stake in the 250MW Blooming Grove Wind Farm in a $345m deal.

WEC Energy to acquire stake in Invenergy’s Blooming Grove Wind Farm
Blooming Grove Wind Farm will be equipped with 94 GE wind turbines. Credit: Zhang Fengsheng / Unsplash.

US-based electric services company WEC Energy has acquired an 80% ownership stake in the 250MW Blooming Grove Wind Farm in a $345m deal.

Invenergy, a global sustainable energy project developer and operator, is developing the Blooming Grove Wind Farm project in McLean County, Illinois, US.

WEC Energy Group executive chairman Gale Klappa said: “This is the latest in a series of investments that fit exceptionally well with our strategy of deploying capital in renewable energy assets that will serve strong, vibrant companies for years to come.”

Earlier this month, Infrastructure and Energy Alternatives’ (IEA) division White Construction secured a construction contract for the Blooming Grove Wind Energy Center.

Blooming Grove will be equipped with 94 GE wind turbines, and the clean energy generated by the turbines will be supplied to Illinois electrical grid.

The clean energy will be sufficient to power 69,000 homes in the region every year. The wind power facility is expected to begin commercial operations by the end of the year.

The transaction completion is subject to the necessary regulatory approvals.

In addition, WEC Energy Group’s investment may be eligible for 100% bonus depreciation and production tax credits under the tax rules.

The company serves approximately 4.5 million customers in Wisconsin, Illinois, Michigan and Minnesota in the US.

WEC Energy Group offers services through its utilities, including We Energies, Wisconsin Public Service, Peoples Gas, North Shore Gas, Michigan Gas Utilities, Minnesota Energy Resources and Upper Michigan Energy Resources.

In September 2019, WEC Energy acquired an 80% ownership stake in Thunderhead Wind Energy Centre from Invenergy for $338m.