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WEC Energy to Acquire Ownership Share in Thunderhead Wind Energy for USD 338m
Tuesday 10 September 2019

10 September 2019 - Wisconsin, US-based WEC Energy Group (NYSE: WEC) has agreed to acquire an 80% ownership interest in Thunderhead Wind Energy Center for an investment of USD 338m, the company said.

WEC Energy Group's investment of USD 338m acquires an 80% ownership interest in Thunderhead.

Thunderhead Wind Energy Center is being developed in Antelope and Wheeler counties in Antelope and Wheeler counties by Nebraska by Invenergy, a developer and operator of sustainable energy solutions.

Commercial operation is expected to begin by the end of 2020.

The wind farm has a long-term offtake agreement with a Fortune 100 company for 100% of the energy produced.

The Thunderhead site will consist of 108 GE wind turbines with a combined capacity of 300 megawatts.

WEC said this investment fits with the company's strategy of deploying capital in renewable energy assets that will serve strong, vibrant companies.

WEC Energy Group (NYSE: WEC), based in Milwaukee, is one of the nation's premier energy companies, serving 4.5m 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 has approximately 50,000 stockholders of record, 8,000 employees, and nearly USD 34bn of assets.
Date Published: 10/09/2019
Target: Thunderhead Wind Energy Center/80% stake
Country: USA
Deal Size: 338m (USD)
Sector: Alternative Energy
Type: Corporate acquisition
Financing: Cash
Status: Agreed
Buyer: WEC Energy Group