MILWAUKEE, Jan. 31, 2023 /PRNewswire/ -- WEC Energy Group (NYSE: WEC) today announced that the company has agreed to acquire an 80% ownership interest in the Samson I Solar Energy Center.
Samson I is a 250-megawatt project located about 140 miles northeast of Dallas, Texas. The project was developed and built by Invenergy — a leading global developer and operator of sustainable energy solutions. Commercial operation began in May 2022.
Samson I is generating renewable energy under a long-term power purchase agreement with AT&T. WEC Energy Group's investment is expected to total approximately $250 million for the 80% ownership interest.
Samson I is part of the five-phase Samson solar portfolio. The portfolio is being built on 18,000 acres in northeast Texas, and when completed, it's expected to total 1,300 MW. Samson is the largest solar project under construction in the United States.
This project is the second solar investment announced in WEC Energy Group's Infrastructure segment. The company also has existing or planned investments in eight major wind farms. Taken together, these solar and wind projects have nearly 2 gigawatts of capacity.
"The Samson Solar project is an exciting addition to our Infrastructure business and highlights our continued investment in affordable, reliable and clean energy. This project will help one of the world's largest telecommunications companies meet their clean energy needs for years to come," said Gale Klappa, executive chairman.
The Samson Solar investment is eligible for production tax credits as outlined in the Inflation Reduction Act passed by Congress. The transaction is subject to receiving all necessary regulatory approvals.
WEC Energy Group (NYSE: WEC), based in Milwaukee, is one of the nation's premier energy companies, serving 4.6 million 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. Another major subsidiary, We Power, designs, builds and owns electric generating plants. In addition, WEC Infrastructure LLC owns a growing fleet of renewable generation facilities in the Midwest.
WEC Energy Group (wecenergygroup.com) is a Fortune 500 company and a component of the S&P 500. The company has approximately 37,000 stockholders of record, 7,000 employees and more than $41 billion of assets.
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SOURCE WEC Energy Group