WEC Energy Group, Inc. announced that the company has agreed to acquire an 80% ownership interest in the Maple Flats Solar Energy Center. Located in Clay County, Illinois, the project is being developed by Invenergy -- a global developer and operator of sustainable energy solutions. The Maple Flats Solar Energy Center is a 250-megawatt project.

The site will host 800,000 solar panels across 1,500 acres. Commercial operation is expected in early 2024. The project will generate renewable energy that will be sold under a long-term power purchase agreement with a Fortune 100 company.

WEC Energy Group's investment is expected to total approximately $360 million for the 80% ownership interest. This project is the first solar investment in WEC Energy Group's Infrastructure segment. The company also has existing or planned investments in eight major wind farms totaling more than 1.5 gigawatts of capacity.

The Maple Flats investment is expected to be eligible for Production Tax Credits as outlined in the Inflation Reduction Act recently passed by Congress. The transaction is subject to receiving all necessary regulatory approvals.