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WEC Energy Group, Inc. (NYSE:WEC) shares are trading higher after the company inked a deal to acquire a 90% ownership interest in the Delilah I Solar Energy Center for $459 million.
Delilah I is a 300-megawatt project located around 140 miles northeast of Dallas, Texas, and the commercial operation is expected to begin by the end of June.
Delilah I is part of the five-phase Samson & Delilah solar portfolio and is one of the largest solar facilities under construction in the U.S.
WEC Energy Group owns a majority stake in Samson I, which is a separate phase of the Samson & Delilah project.
Gale Klappa, executive chairman, said, “The Delilah 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 automakers meet their clean energy goals for years to come.”
The company plans to release first-quarter FY24 earnings on May 1.
Investors can gain exposure to the stock via Invesco Dorsey Wright Utilities Momentum ETF (NASDAQ:PUI) and First Trust EIP Carbon Impact ETF (NYSE:ECLN).
Price Action: WEC shares are up 1.41% at $82.64 at the last check Monday.
Photo via Shutterstock
