WEC Energy Group has acquired an 80% share in the 97MW Coyote Ridge Wind Farm, being built in Brookings County, South Dakota.
Avangrid Renewables, part of Avangrid Inc, is developing the project and will operate the asset when it is brought online by the end of 2019.
Coyote Ridge has a long-term offtake agreement with Google Energy for 100% of the electricity produced.
The project consists of 39 GE wind turbines. WEC Energy Group’s investment totals $145 million for the ownership interest and it will accrue all of the tax benefits.
WEC Energy Group chief executive Gale Klappa said: “We continue to see promising opportunities to deploy capital in renewable energy assets that will serve strong, growing companies for years to come.”
Under new tax rules, the WEC Energy Group investment is expected to be eligible for 100% bonus depreciation. The transaction has received all necessary regulatory approvals.
Milwaukee-based WEC Energy Group has a service territory covering 4.5 million customers in Wisconsin, Illinois, Michigan and Minnesota.