WEC Energy Group, Inc. has announced plans to acquire a majority ownership stake of 90% in the Delilah I Solar Energy Center. The company aims to close this acquisition deal with a spending of $459 million.
The Delilah I project, located in Dallas, Texas, is a 300-megawatt initiative developed and built by Invenergy. The commercial operations of this project are scheduled to kick off by the end of June.
This project has been constructed to generate sustainable energy under a long-term power purchase agreement with a global automaker. It forms part of the Samson & Delilah solar portfolio, which is split into five phases and is one of the largest solar initiatives currently in development in the United States.
Furthermore, WEC Energy Group stated that its investment in Delilah I qualifies for production tax credits in line with the Inflation Reduction Act, which received the green light from Congress.
In the pre-market trading on the New York Stock Exchange (NYSE), shares of WEC Energy were seen to increase by 0.29%, trading at $81.73.
