WEC Energy Group To Acquire 90% Ownership Of Delilah I Solar Energy Center; Investment Is Expected To Total $459M For The 90% Ownership Interest
Portfolio Pulse from Benzinga Newsdesk
WEC Energy Group (NYSE:WEC) is set to acquire a 90% stake in the Delilah I Solar Energy Center, a 300-megawatt project near Dallas, Texas, developed by Invenergy. The investment totals $459 million, with commercial operations expected by end of June. The project, part of the larger Samson & Delilah solar portfolio, will supply renewable energy to a global automaker under a long-term agreement. This acquisition aligns with WEC's focus on expanding its renewable energy portfolio, which includes over 2 gigawatts of solar and wind capacity.
April 29, 2024 | 12:09 pm
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WEC Energy Group's acquisition of a 90% stake in Delilah I Solar Energy Center for $459 million marks a significant expansion of its renewable energy assets, with commercial operations starting by June.
The acquisition of Delilah I Solar Energy Center significantly enhances WEC Energy Group's renewable energy portfolio, aligning with its strategic focus on clean energy investments. The project's potential for generating renewable energy under a long-term agreement with a global automaker, coupled with eligibility for production tax credits under the Inflation Reduction Act, presents a positive outlook for WEC's future revenue and profitability. This move is likely to be viewed favorably by investors, potentially leading to a positive short-term impact on WEC's stock price.
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