WEC Energy Group acquires 80 percent ownership in Coyote Ridge Wind Farm
The Coyote Ridge project is being developed and will be operated by Avangrid Renewables, a subsidiary of AVANGRID, Inc. (NYSE: AGR). The wind farm is expected to be in service by the end of 2019. The project has a long-term offtake agreement with Google Energy LLC for 100 percent of the energy produced.
The Coyote Ridge site consists of 39 GE wind turbines with a combined capacity of 97 megawatts. WEC Energy Group's investment will total $145 million for the 80 percent ownership interest and substantially all of the tax benefits.
"We continue to see promising opportunities to deploy capital in renewable energy assets that will serve strong, growing companies for years to come," said Gale Klappa, chairman and chief executive officer of WEC Energy Group.
Under the new tax rules, the WEC Energy Group investment is expected to be eligible for 100 percent bonus depreciation. The transaction has received all necessary regulatory approvals.
WEC Energy Group (NYSE: WEC), based in Milwaukee, 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.
WEC Energy Group (wecenergygroup.com), is a Fortune 500 company and a component of the S&P 500. The company has approximately 50,000 stockholders of record, 8,000 employees, and more than $31 billion of assets.
WEC Energy Group Inc. Press release - WEC Energy Group acquires 80 percent ownership in Coyote Ridge Wind Farm. URL: https://www.prnewswire.com/news-releases/wec-energy-group-acquires-80-percent-ow.... [Date Accessed: 08/01/2019].