We Energies parent buying 80% stake in Illinois wind farm

WEC Energy Group headquarters building
WEC Energy Group's Milwaukee corporate headquarters.

Last updated on January 27th, 2020 at 05:13 pm

WEC Energy Group, the parent company of We Energies, has agreed to buy an 80% ownership stake in a 250-megawatt wind farm in McLean County, Illinois for $345 million.

The Blooming Grove Wind Farm is expected to begin operations by the end of 2020 and has long-term offtake agreements with affiliates of two multinational companies.

“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,” said Gale Klappa, executive chairman of WEC Energy Group.

Prior to this deal, the company has spent more than $640 million for similar stakes in wind farms in Nebraska, Illinois and South Dakota over the last two years.

Those three projects have a combined capacity of 529 megawatts.

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Arthur covers banking and finance and the economy at BizTimes while also leading special projects as an associate editor. He also spent five years covering manufacturing at BizTimes. He previously was managing editor at The Waukesha Freeman. He is a graduate of Carroll University and did graduate coursework at Marquette. A native of southeastern Wisconsin, he is also a nationally certified gymnastics judge and enjoys golf on the weekends.

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