Milwaukee-based WEC Energy Group today announced a major development in its renewable energy investment strategy. The company acquired a 90% stake in the Delilah I Solar Energy Center, a 300-megawatt solar project located about 140 miles northeast of Dallas, Texas. The center, developed and built by Invenergy, is scheduled to start commercial operations by the end of June.
Strategic partnership and energy capacity
Delilah I is notable not only for its capacity, but also for its long-term agreement to supply renewable energy to a global automotive manufacturer. WEC Energy Group’s investment in this project is estimated at $459 million for this majority stake. This project is part of the extensive Samson & Delilah solar portfolio, one of the largest solar installations under construction in the United States. WEC Energy Group already holds a majority stake in Samson I, another phase of the same project.
Commitment to clean energy
Gale Klappa, executive chairman of WEC Energy Group, noted that “the Delilah Solar project is an exciting addition to our infrastructure business and highlights our ongoing investment in affordable, reliable and clean energy.” He added that this project would help one of the world’s largest automakers to meet its clean energy targets for the coming years.
Tax benefits and regulations
The investment in Delilah I is eligible for production tax credits under the Inflation Reduction Act recently passed by Congress. The transaction remains subject to obtaining all necessary regulatory approvals. WEC Energy Group, via its Infrastructure segment, has existing or planned investments in 11 solar and wind projects totaling over 2 gigawatts of capacity, all benefiting from long-term purchase agreements.
WEC Energy Group’s investment in the Delilah I Solar Energy Center represents a significant step towards expanding its renewable energy portfolio. This project, aligned with the Inflation Reduction Act tax credits, is a concrete response to current regulatory and environmental imperatives.
