Jayhawk will generate renewable energy that will be sold under long-term contract to Facebook

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WEC Energy Group to acquire 90% ownership of Jayhawk Wind Farm. (Credit: PublicDomainPictures from Pixabay)

WEC Energy Group (NYSE: WEC) today announced that the company has agreed to acquire a 90% ownership interest in the Jayhawk Wind Farm, to be built in Bourbon and Crawford counties, Kansas.

Jayhawk will generate renewable energy that will be sold under long-term contract to Facebook. The Jayhawk site will consist of 70 GE wind turbines with a combined capacity of more than 190 megawatts.

The project is being developed by Apex Clean Energy, a leading clean energy company. Invenergy will acquire the remaining 10% ownership interest and will operate the facility. Commercial operation is expected to begin by the end of 2021.

WEC Energy Group’s investment is expected to total $302 million for the 90% ownership interest and substantially all of the tax benefits. The investment is part of the company’s $16 billion ESG Progress Plan — the largest 5-year capital plan in the company’s history. It calls for investment in efficiency, sustainability and growth.

“Our commitment to the Jayhawk project is the next step forward in our comprehensive plan to build a bright, sustainable future, serve strong vibrant customers and continue to grow earnings from our portfolio of renewable energy assets,” said Gale Klappa, executive chairman.

The transaction is subject to receiving all necessary regulatory approvals.

Source: Company Press Release