WEC Energy Group to acquire 90% stake in Delilah I Solar Energy Center
WEC Energy Group (NYSE: WEC) announced that it has agreed to acquire a 90% ownership interest in the Delilah I Solar Energy Center, marking a significant expansion of its renewable energy portfolio. The 300-megawatt solar project, developed by Invenergy and located about 140 miles northeast of Dallas, Texas, represents a pivotal development in sustainable energy infrastructure.
The project, which is expected to commence commercial operations by the end of June, aligns with WEC Energy Group’s strategic focus on enhancing its renewable energy offerings. The Delilah I Solar Energy Center is poised to generate renewable energy under a long-term power purchase agreement with a global automaker, highlighting the project’s pivotal role in supporting major corporations’ clean energy objectives.
Gale Klappa, Executive Chairman of WEC Energy Group, emphasized the project’s strategic importance: “The Delilah Solar project is an exciting addition to our Infrastructure business and highlights our continued investment in affordable, reliable, and clean energy. This project will help one of the world’s largest automakers meet their clean energy goals for years to come.”
The investment of approximately $459 million underscores WEC Energy Group’s commitment to expanding its clean energy footprint. Delilah I is part of the larger five-phase Samson & Delilah solar portfolio, which stands as one of the largest solar facilities under construction in the United States. WEC Energy Group also holds a majority interest in Samson I, another phase of this extensive project.
This transaction, which is subject to regulatory approvals, is also eligible for production tax credits under the Inflation Reduction Act, providing additional financial incentives for WEC Energy Group’s investment.
WEC Energy Group’s Infrastructure segment continues to grow, with investments in 11 solar and wind projects that total more than 2 gigawatts of capacity. Each of these projects benefits from long-term off-take agreements, ensuring stable and predictable returns on investment.
This move by WEC Energy Group not only advances its own renewable energy goals but also significantly contributes to the broader transition towards sustainable energy solutions in the U.S. market, positioning the company as a leader in the renewable energy sector.