MILWAUKEE – WEC Energy Group (NYSE: NYSE:) has agreed to purchase a 90% interest in the Delilah I Solar Energy Center, a 300-megawatt solar power project located approximately 140 miles northeast of Dallas, Texas. reached. The project, developed by Invenergy, is scheduled to begin commercial operations by the end of June.
The Delilah I project will supply renewable energy to a global automaker under a long-term power purchase agreement. WEC Energy Group's majority investment is expected to be $459 million.
Gail Klappa, executive chairman of WEC Energy Group, said the acquisition is consistent with the company's commitment to investing in clean, reliable and affordable energy and is a major automaker's The company is helping to achieve energy goals.
The Delilah I Solar Energy Center is part of Samson & Delilah's extensive solar power portfolio and is known as one of the largest solar power facilities under construction in the United States. The company also has a significant interest in Samson I, another phase of the same project.
The investment is eligible for production tax credits under the Inflation Control Act and is pending regulatory approval. WEC Energy Group has a significant investment portfolio in renewable energy, including planned or existing interests in 11 solar and wind projects, totaling over 2 GW of capacity, all under long-term offtake agreements. It is backed by.
Headquartered in Milwaukee, WEC Energy Group is a leading energy company serving approximately 4.7 million customers in Wisconsin, Illinois, Michigan and Minnesota through major electric utilities. The company has over $43 billion in assets and approximately 7,000 employees.
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The information in this article is based on the press release. Forward-looking statements contained in press releases are subject to various risks and uncertainties that could cause actual results to differ materially from those projected.
Investment Pro Insights
As WEC Energy Group (NYSE: WEC) expands its footprint in renewable energy with the acquisition of a significant stake in Delilah I Solar Energy Center, investors can explore the company's financials with real-time data and tips from InvestingPro. You may find it valuable in your evaluation. Health and investment potential.
According to InvestingPro data, WEC Energy Group's market capitalization currently stands at $25.72 Billion and its P/E ratio is 19.38, reflecting investors' confidence in the company's earnings potential. The company's commitment to investing in renewable energy could help maintain this confidence. WEC's gross margin for the trailing twelve months as of Q4 2023 was 40.56%, indicating that the company can maintain its business profitability.
One of InvestingPro's tips highlights that WEC has increased its dividend for 20 consecutive years and maintained its dividend payments for 54 consecutive years, making it especially attractive for income-oriented investors. There may be. Furthermore, with his dividend yield of 4.1% as of early 2024, the company stands out as a potentially attractive option for those seeking a stable income stream.
Investors should note that the company has been profitable in the past 12 months, and analysts expect it to remain profitable this year, although four analysts have revised down next year's earnings. Should. This suggests that despite the downward revision, WEC Energy Group's overall financial outlook remains positive.
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