MILWAUKEE, July 27, 2021 /PRNewswire/ -- WEC Energy Group
(NYSE: WEC) today announced that the company has agreed to acquire
a 90% ownership interest in the Sapphire Sky Wind Energy Center.
Located in McLean County,
Illinois, the project is being developed by Invenergy — a
leading global developer and operator of sustainable energy
solutions.
The Sapphire Sky site will consist of 64 wind turbines with a
combined capacity of 250 megawatts. Commercial operation is
expected by the end of 2022.
Sapphire Sky will generate renewable energy that will be sold
under a long-term power purchase agreement with a Fortune 100
global, high-tech company.
WEC Energy Group's investment is expected to total $412 million for the 90% ownership interest. With
this project, the company's Infrastructure segment has planned
investments in eight major wind farms totaling more than 1.5
gigawatts of capacity.
"The Sapphire Sky project is the latest step forward in our
comprehensive plan to accelerate the development of affordable,
reliable and clean energy. This project will help meet the energy
needs of one of the largest high-tech companies in the world and
continue to grow earnings from our portfolio of renewable assets,"
said Gale Klappa, executive
chairman.
The transaction is subject to receiving all necessary regulatory
approvals.
WEC Energy Group (NYSE: WEC), based in Milwaukee, is one of the nation's premier
energy companies, serving 4.6 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. Another major subsidiary, We Power, designs, builds and
owns electric generating plants. In addition, WEC Infrastructure
LLC owns a growing fleet of renewable generation facilities in the
Midwest.
WEC Energy Group (wecenergygroup.com) is a Fortune 500
company and a component of the S&P 500. The company has
approximately 41,000 stockholders of record, 7,200 employees and
more than $37 billion of
assets.
Forward-looking statementsCertain statements contained in
this press release are "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. These statements are
based upon management's current expectations and are subject to
risks and uncertainties that could cause our actual results to
differ materially from those contemplated in the statements.
Readers are cautioned not to place undue reliance on these
statements. Forward-looking statements include, among other things,
statements concerning management's expectations and projections
regarding investment amounts, construction plans and completion of
the project. In some cases, forward-looking statements may be
identified by reference to a future period or periods or by the use
of forward-looking terminology such as "anticipates," "believes,"
"estimates," "expects," "forecasts," "guidance," "intends," "may,"
"objectives," "plans," "possible," "potential," "projects,"
"should," "targets," "will" or similar terms or variations of these
terms.
Factors that could cause actual results to differ materially
from those contemplated in any forward-looking statements include,
but are not limited to: general economic conditions, including
business and competitive conditions in the company's service
territories; the extent, duration and impact of the COVID-19
pandemic or any future health pandemics; timing, resolution and
impact of rate cases and other regulatory decisions; the company's
ability to continue to successfully integrate the operations of its
subsidiaries; availability of the company's generating facilities
and/or distribution systems; unanticipated changes in fuel and
purchased power costs; key personnel changes; varying, adverse or
unusually severe weather conditions; continued industry
restructuring and consolidation; continued advances in, and
adoption of, new technologies that produce power or reduce power
consumption; energy and environmental conservation efforts; the
company's ability to successfully acquire and/or dispose of assets
and projects; cyber-security threats and data security breaches;
construction risks; equity and bond market fluctuations; changes in
the company's and its subsidiaries' ability to access the capital
markets; changes in tax legislation or our ability to use certain
tax benefits and carryforwards; the impact of legislative and
regulatory changes, including changes to environmental standards
and greenhouse gas regulations; political developments; current and
future litigation and regulatory investigations, proceedings or
inquiries; changes in accounting standards; the financial
performance of American Transmission Company as well as projects in
which the company's energy infrastructure business invests; the
ability of the company to obtain additional generating capacity at
competitive prices; goodwill and its possible impairment; and other
factors described under the heading "Factors Affecting Results,
Liquidity and Capital Resources" in Management's Discussion and
Analysis of Financial Condition and Results of Operations and under
the headings "Cautionary Statement Regarding Forward-Looking
Information" and "Risk Factors" contained in the company's Form
10-K for the year ended December 31,
2020, and in subsequent reports filed with the Securities
and Exchange Commission. Except as may be required by law, the
company expressly disclaims any obligation to publicly update or
revise any forward-looking information.
View original
content:https://www.prnewswire.com/news-releases/wec-energy-group-to-acquire-90-ownership-of-sapphire-sky-wind-energy-center-301341833.html
SOURCE WEC Energy Group