The wind farm has long-term offtake agreements for all the energy produced with affiliates of two investment grade multinational companies.
The Blooming Grove site will consist of 94 GE wind turbines with a combined capacity of 250 MW. WEC Energy Group's investment will total $345 million for the 80 percent ownership interest.
"This is the latest in a series of investments that fit exceptionally well with our strategy of deploying capital in renewable energy assets that will serve strong, vibrant companies for years to come," said Gale Klappa, executive chairman of WEC Energy Group.
Under the tax rules, the WEC Energy Group investment is expected to be eligible for 100 percent bonus depreciation and production tax credits. The transaction is subject to receiving all necessary regulatory approvals.
WEC Energy Group, based in Milwaukee, is one of the nation's leading energy companies, serving 4.5 million customers in Wisconsin, Illinois, Michigan and Minnesota.
