Bishop Hill III Wind Energy Center was developed by Invenergy and placed into service in May of this year. The project has a 22-year offtake agreement with WPPI Energy for 100 percent of the energy produced. WPPI Energy, based in Sun Prairie, Wisconsin, is a not-for-profit company that provides electric power to 51 member utilities in Wisconsin, Michigan and Iowa.
“This agreement provides WPPI Energy with a highly cost-effective resource that will more than double the amount of wind energy in our power supply portfolio,” said Mike Peters, president and CEO of WPPI Energy.
The Bishop Hill III site consists of 53 General Electric turbines with a capacity of 132 MW. WEC Energy Group's investment will total $148 million.
The project is projected to generate more than $10 million in local economic benefits through its first ten years of operation through tax payments, lease payments to participating landowners, and wages and benefits for employees.
"This investment is a logical extension of our core business," said Gale Klappa, Chairman and Chief Executive Officer of WEC Energy Group. "WPPI has been a significant wholesale customer of ours for years, and we're pleased to extend that relationship with a new, efficient renewable facility that exists within the Midcontinent Independent System Operator (MISO) footprint," he added.
Under the new tax rules, the WEC Energy Group investment is expected to be eligible for 100 percent bonus depreciation and for production tax credits. The transaction is subject to approval by the Federal Energy Regulatory Commission.
