WEC Energy Group to acquire 80% stake in Thunderhead Wind Energy Center for USD338m.
Global Banking News-September 4, 2019-WEC Energy Group to acquire 80% stake in Thunderhead Wind Energy Center for USD338m
(C)2019 ENPublishing - http://www.enpublishing.co.uk
Energy company WEC Energy Group (NYSE:WEC) said on Tuesday that it plans to acquire an 80% ownership interest in Thunderhead Wind Energy Center being developed in Antelope and Wheeler counties, Nebraska by Invenergy, a sustainable energy solutions company.
Under the terms of the agreement, WEC Energy Group's investment is USD338m for the 80% ownership interest in Thunderhead Wind Energy Center. The transaction is subject to receiving all necessary regulatory approvals.
With commercial operation expected to begin by the end of 2020, the Thunderhead Wind Energy has entered into a long-term offtake agreement with a Fortune 100 company for 100% of the energy produced. The Thunderhead site will consist of 108 GE wind turbines with a combined capacity of 300 megawatts.
In conjunction with the tax rules, the WEC Energy Group investment is expected to be eligible for 100% bonus depreciation and production tax credits.
((Distributed via M2 Communications - http://www.m2.com))
|Printer friendly Cite/link Email Feedback|
|Publication:||Global Banking News (GBN)|
|Date:||Sep 4, 2019|
|Previous Article:||Carnival declares dividend of USD0.50 per share for quarter.|
|Next Article:||Cushing Energy Income Fund declares distribution of USD0.04 per share.|