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WEC Energy announces 90% ownership of Wind Power project in IL

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Today, electricity and natural gas company WEC Energy Group announced it agreed to acquire a 90% ownership interest in the Sapphire Sky Wind Energy Center. Accordingly, the project is currently being developed by a leading global developer and operator of sustainable energy solutions Invenergy, in McLean County, Illinois.

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About the Sapphire Sky Wind Energy Center

Therefore, the Sapphire Sky site will consist of 64 wind turbines with a combined capacity of 250 megawatts. Finally, WEC Energy Group expects commercial operation of the project by the end of 2022.

Moreover, Sapphire Sky will generate renewable energy that it will sell under a long-term power purchase agreement with a Fortune 100 global high-tech company. Accordingly, WEC Energy Group’s investment could total $412 million for the 90% ownership interest.

Therefore, with this project, the company’s Infrastructure segment already planned investments in eight major wind farms totaling more than 1.5 gigawatts of capacity.

Reception in WEC Energy Group

In this sense, Gale Klappa, executive chairman with WEC Energy, commented in a media release; “Indeed, the Sapphire Sky project is the latest step forward in our comprehensive plan; particularly, to accelerate the development of affordable, reliable, and clean energy.”

Therefore, “this project will help meet the energy needs of one of the largest high-tech companies in the world. Also, to continue to grow earnings from our portfolio of renewable assets.” 

Lastly, and it is worth noting, the transaction is subject to receiving all necessary regulatory approvals. Finally, WEC Energy Group, based in Milwaukee, is one of the nation’s premier energy companies. Further, it serves 4.6 million customers in Wisconsin, Illinois, Michigan, and Minnesota.

Additionally, WEC Energy Group is a Fortune 500 company and a component of the S&P 500. Besides, the company has approximately 41,000 stockholders of record, 7,200 employees, and more than $37 billion of assets.

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