WEC Energy Group has agreed to acquire an 80% ownership interest in the 250MW Blooming Grove wind farm, under development by Invenergy in the US state of Illinois.
The project, located in McLean County, is expected to start commercial operations by the end of 2020.
Blooming Grove will consist of 94 GE turbines. WEC will pay $345m for its majority stake.
The wind farm has long-term offtake agreements for all the energy produced with affiliates of two unnamed investment grade multinational companies.
WEC 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.”
The WEC investment is expected to be eligible for 100% bonus depreciation and production tax credits. The transaction is subject to receiving all necessary regulatory approvals.
WEC’s subsidiary utility companies include We Energies, Wisconsin Public Service, Peoples Gas, North Shore Gas and Michigan Gas Utilities.