WEC Energy Group will spend $360 million to own 80% of a huge Illinois solar farm

WEC Energy Group will become the majority owner of a large Illinois solar farm that will provide energy for a single Fortune 100 company.

The 250-megawatt Maple Flats Energy Center is being built in south central Illinois by Invenergy, a renewable-energy developer based in Chicago. The 1,500-acre solar array will produce enough electricity to power 75,000 homes, but that energy will be sold under a long-term contract to a single customer that the company did not identify.

A subsidiary, WEC Infrastructure LLC will buy an 80% stake in the solar farm and receive federal tax credits based on the energy it produces to generate earnings from its operation. WEC Infrastructure's investment will be about $360 million, the company said Monday.

The company will take ownership when Maple Flats goes into operation in 2024.

"This project will help meet the energy needs of one of the largest companies in the world and further diversify our portfolio of renewable assets," said Gale Klappa, WEC Energy Group's executive chairman.

Related:We Energies' Solar Now project topped expectations. Now, the company wants to expand it.

Related:Wind turbine maker Ingeteam plans expansion in Milwaukee.

WEC Infrastructure previously focused exclusively on wind power. It has agreements for 80% to 90% ownership stakes, valued at $2.3 billion, in eight wind farms in Illinois, South Dakota, Nebraska and Kansas. They also operate under contracts, known as "off takes," to supply large electricity users including Verizon, AT&T, Meta and Google Energy.

Those wind farms produce more than 1.5 gigawatts of power. The energy is not sent directly to the company that holds the contract. Rather, the contracts allow companies to capture renewable-energy credits that can be used to document a company's progress toward its sustainability goals.

Invenergy and WEC Energy Group's previous partnerships include the 150-megawatt Badger Hollow solar farm in Iowa County, which is jointly owned by WEC Energy Group subsidiaries We Energies and Wisconsin Public Service Corp., and Madison Gas & Electric. Invenergy also developed the Forward Wind Park near Brownsville. The wind farm is jointly owned by WPS, Alliant and MG&E.

Contact Karl Ebert at kebert@gannett.com. Follow him on Twitter at @karlwebert.