MILWAUKEE, April 30, 2021 /PRNewswire/ -- We Energies
and Wisconsin Public Service, the largest utilities in WEC Energy
Group (NYSE: WEC), are proposing to purchase the Koshkonong Solar
Energy Center, a planned 465-megawatt (MW) solar and battery
storage project in south-central Wisconsin. If approved, the project would be
the largest renewable energy project in the state.
The Koshkonong Solar Energy Center would feature 300 MW of solar
generation and 165 MW of battery storage, which can store
solar-generated power and provide customers with "sunshine after
sunset." The project is planned to be built in Dane County, Wisconsin, southeast of
Madison. The total investment is
expected to be $649 million.
This is the third large-scale solar and battery project
announced in 2021 by We Energies and WPS. Earlier this year, the
companies announced plans for the 325-MW Darien Solar Energy Center
and 310-MW Paris Solar-Battery Park.
"The Koshkonong project is another key component in our effort
to build a sustainable future and ensure electric reliability in
the region," said Tom Metcalfe,
president — We Energies and WPS. "We saw this winter in
Texas and other states the
dangerous results when people are without heat and power. Our focus
on investing in affordable, reliable and clean energy means
customers will have the energy they need when they need it."
Koshkonong is part of WEC Energy Group's plan to invest nearly
$2 billion in new solar, wind and
battery storage projects at its utilities by 2025.
The companies filed the Koshkonong solar and battery storage
proposal this week with the Public Service Commission of
Wisconsin. We Energies and WPS
would own 90 percent of the project. Madison Gas and Electric would
own the other 10 percent.
The project is being developed by Invenergy. If approved,
construction is expected to begin in late 2022 with commercial
operation in 2024.
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 42,000 stockholders of record, 7,200 employees and
more than $37 billion of
assets.
Forward-looking statements
Certain 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 construction plans,
investment and ownership amount, capital expenditure 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 Dec. 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.
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SOURCE WEC Energy Group