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WEC Energy Group to Increase Owner Interest in Wind Farms
Wisconsin Ag Connection - 02/20/2020

WEC Energy Group has agreed to increase its ownership interest in three Midwest windfarms from 80 percent to 90 percent. The Milwaukee-based company says the total investment is $118 million for an additional 75 megawatts of capacity for Blooming Grove Wind Farm, Thunderhead Wind Energy Center and the Upstream Wind Energy Center.

"This agreement marks another step forward for the energy infrastructure segment of our five-year capital plan," said Gale Klappa, executive chairman of WEC Energy Group. "The plan calls for deploying $1.8 billion in high-quality projects that will serve strong, vibrant companies for years to come."

Invenergy, a leading developer and operator of sustainable energy solutions, is currently building the Blooming Grove and Thunderhead projects which are expected to achieve commercial operation by the end of 2020. The Upstream Wind Energy Center, also developed by Invenergy, began service in January 2019. All three wind farms have long-term offtake agreements with affiliates of investment-grade multinational corporations.

Under the tax rules, the WEC Energy Group investment is expected to be eligible for 100 percent bonus depreciation and production tax credits. The transactions are subject to receiving all necessary regulatory approvals.

WEC Energy Group is one of the nation's premier energy companies, serving 4.5 million customers in Wisconsin, Illinois, Michigan and Minnesota.

The company's principal utilities are We Energies, Wisconsin Public Service, Peoples Gas, North Shore Gas, Michigan Gas Utilities, Minnesota Energy Resources and Upper Michigan Energy Resources. The company's other major subsidiary, We Power, designs, builds and owns electric generating plants.

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