WEC Energy to buy majority stake in 250-MW solar park in Texas

Milwaukee-based utility holding company WEC Energy Group (NYSE:WEC) on Tuesday said it has clinched a deal to buy an 80% interest in the 250-MW Samson I Solar Energy Centre in Texas.

The company will pay around USD 250 million (EUR 230m) to buy the majority stake from Chicago-based Invenergy LLC, which developed and installed the capacity.

The Samson I is located 140 miles (225 kilometres) northeast of Dallas and has been generating electricity since May last year. Its output is sold under a long-term power purchase agreement (PPA) with telecoms giant AT&T Inc (NYSE:T).

Samson I is part of the five-phase Samson Solar Energy Centre, which is currently under construction and scheduled to be switched on in 2023. Apart from AT&T, the 1.3-GW complex will have local municipalities and giants like Google, Honda and McDonald’s among its off-takers. When fully operational, it will produce power for about 300,000 homes.

WEC’s purchase, which is pending regulatory clearance, comes on the heels of another deal with Invenergy from October 2022 for an 80% stake in 250-MW Maple Flats Solar Energy Center in Illinois. The group noted it also has existing or planned investments in eight wind farms with a combined capacity of close to 2 GW.

(USD 1.0 = EUR 0.920)

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