WEC Energy Group to acquire 80 percent ownership in Illinois wind project
WEC Energy Group recently announced an agreement to acquire an 80 percent ownership interest in the Bishop Hill III Wind Energy Center in Henry County, Illinois.
Invenergy developed Bishop Hill III Wind Energy Center, which project entered service in May 2018. It has a 22-year offtake agreement with WPPI Energy for 100 percent of the energy produced. WPPI Energy is a not-for-profit company based in Sun Prairie, Wisconsin that provides electric power to 51 member utilities in Wisconsin, Michigan, and Iowa.
The Bishop Hill III site includes 53 General Electric turbines with a capacity of 132 megawatts. WEC Energy Group will invest $148 million for the project.
“This investment is a logical extension of our core business,” Gale Klappa, chair and CEO of WEC Energy Group, said. “WPPI has been a significant wholesale customer of ours for years, and we’re pleased to extend that relationship with a new, efficient renewable facility that exists within the Midcontinent Independent System Operator (MISO) footprint.”
The WEC Energy Group expects its investment to be eligible for 100 percent bonus depreciation as well as production tax credits under the new tax rules. The transaction is subject to approval by the Federal Energy Regulatory Commission (FERC).
