U.S. electric utility WEC Energy Group said on Monday it will acquire 90 per cent ownership stake in a solar project located near Dallas, Texas for about $459-million.
The 300-megawatt solar project Delilah I is developed by Invenergy to generate renewable energy under a long-term power purchase agreement with a global automaker.
WEC said the investment is eligible for production tax credits provided under President Joe Biden’s Inflation Reduction Act (IRA).
Companies and residents are aiming to capitalize on the IRA, as it provides generous tax credits for EVs and clean energy technologies such as wind and solar farms.
The project is a part of a five-phase Samson & Delilah solar portfolio. WEC said it already holds a majority interest in a separate phase of the project, Samson I.
Commercial operation at the Delilah I project is expected to begin by the end of June.
WEC Energy said it has existing or planned investments in 11 solar and wind projects totaling more than 2 gigawatts of capacity.
“The Delilah Solar project is an exciting addition to our infrastructure business and highlights our continued investment in affordable, reliable and clean energy,” said WEC’s executive chairman Gale Klappa.