WEC Acquires 80% Stake in 250 MW Solar Project in Texas

WEC  Energy Group, an electricity and natural gas provider, acquired an 80% stake in the 250 MW Samsun I solar project in Texas. The project was developed and built by Invenergy. The commercial operation of the solar project began in May 2022.

Samson I solar project has 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 solar project 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.

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.

“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.

According to Mercom’s recently released Annual and Q4 Solar Funding and M&A Report, 268 large-scale solar project acquisitions were recorded in 2022 compared to 280 in 2021. In 2022, about 66 GW of solar projects were acquired, with project developers picking up the most, reaching 35.7 GW. Solar project acquisitions in terms of GW were at the second-highest level ever.

MPower, an Australia-based renewable project developer, recently acquired a 5 MW shovel-ready solar project in the Aussie state of Victoria. The Faraday project will produce more than 11,500 MWh of electricity per year and can power upwards of 1,500 homes in the region and deliver significant carbon offsets.