WEC Energy Group spending $338 million on Nebraska wind farm

A Fortune 100 company has 100% offtake agreement for project

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

Milwaukee-based WEC Energy Group will spend $338 million to acquire an 80% ownership interest in the Thunderhead Wind Energy Center in Nebraska.

Chicago-based Invenergy LLC is developing the wind farm in Antelope and Wheeler counties in the northeastern portion of the state.

The project includes 108 GE wind turbines with a combined capacity of 300 megawatts. Commercial operations should begin by the end of 2020. A Fortune 100 company has an offtake agreement for 100% of the energy produced.

“This investment fits 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.

WEC Energy Group expects the investment in the Nebraska project to be eligible for 100% bonus depreciation and production tax credits.

The deal is still subject to regulatory approval.

WEC Energy Group acquired an 80% stake in another Invenergy project – Bishop Hill III Wind Energy Center in Woodhull, Illinois – last year for $148 million.  Earlier this year the company acquired an 80% stake in the Coyote Ridge Wind Farm being developed by Avangrid Renewables for $145 million.

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Arthur Thomas
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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