MILWAUKEE, March 1, 2021 /PRNewswire/ -- WEC Energy
Group (NYSE: WEC) today announced that the company has agreed to
acquire a 90% ownership interest in the Jayhawk Wind Farm, to be
built in Bourbon and Crawford counties, Kansas.
Jayhawk will generate renewable energy that will be sold under
long-term contract to Facebook. The Jayhawk site will
consist of 70 GE wind turbines with a combined capacity of more
than 190 megawatts.
The project is being developed by Apex Clean Energy, a leading
clean energy company. Invenergy will acquire the remaining 10%
ownership interest and will operate the facility. Commercial
operation is expected to begin by the end of 2021.
WEC Energy Group's investment is expected to total $302 million for the 90% ownership interest and
substantially all of the tax benefits. The investment is part of
the company's $16 billion ESG
Progress Plan — the largest 5-year capital plan in the company's
history. It calls for investment in efficiency, sustainability and
growth.
"Our commitment to the Jayhawk project is the next step forward
in our comprehensive plan to build a bright, sustainable future,
serve strong vibrant customers and continue to grow earnings from
our portfolio of renewable energy 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 42,000 stockholders of record, 7,300 employees and
$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 investment amounts, tax
impacts, 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. The company expressly disclaims any
obligation to publicly update or revise any forward—looking
information.
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SOURCE WEC Energy Group