WEC Energy to buy 90% stake in Texas solar project in $459M deal (NYSE:WEC) - Seeking Alpha
WEC Energy to buy 90% stake in Texas solar project in $459M deal (NYSE:WEC) | Seeking Alpha
Justin Paget/DigitalVision via Getty Images
WEC Energy (NYSE: WEC) said Monday it agreed to acquire a 90% ownership interest in the Delilah I Solar Energy Center project in north Texas for $459M.
Delilah I, which will generate renewable energy under a long-term power purchase agreement with an unnamed automaker, is part of the five-phase Samson & Delilah solar portfolio, one of the largest solar facilities under construction in the U.S.
WEC Energy ( WEC) already owns a majority interest in Samson I, which is a separate phase of the Samson & Delilah project.
The company said the Delilah Solar investment is eligible for production tax credits as outlined in the Inflation Reduction Act.
Commercial operation of the project, which was developed and built by Invenergy, is expected to begin by the end of June.
Related Knowledge Center: ENERGY BASICS: hydrogen
Hydrogen, long seen as a theoretical if not practical alternative to petroleum-based transportation fuels, is once again having a day in the sun as industries promote “green hydrogen,” produced using renewable resources.