WEC Energy To Acquire 80% Stake In 250 MW Texas Solar Project

US energy conglomerate WEC Energy Group has announced that it has signed an agreement to acquire an 80% ownership interest in the Samson I Solar Energy Center. The investment by WEC Energy Group is expected to total approximately $250 million for the 80% ownership interest.

WEC Energy said that Samson I is a 250-MW project located to the northeast of Dallas, Texas. The project was developed and built by Invenergy which is a global developer and operator of sustainable energy solutions.

The commercial operation of the solar project began in May 2022. Samson I is generating renewable energy under a long-term PPA with AT&T.

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 Infrastructure segment of WEC Energy Group. The company also has existing or planned investments in eight major wind farms. Taken together, these solar and wind projects have nearly 2-GW of capacity.

Gale Klappa, executive chairman, WEC Energy Group, said, “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.”

The company also held that the Samson Solar investment is eligible for production tax credits as outlined in the Inflation Reduction Act passed by Congress.

The Milwaukee- based company, WEC Energy, claims to be a premier energy entity that serves 4.6 million customers in Wisconsin, Illinois, Michigan and Minnesota. WEC Energy Group is a Fortune 500 company and a component of the S&P 500 that has more than $41 billion of assets.

The EIA predicts that renewable energy sources will make up 22% of US electrical generation in 2022, an increase of 20% on a year on year basis. The Solar Energy Industries Association (SEIA) has set a solar energy target of reaching 30% of total American electricity generation by the end of this decade.