Stmt: $2.5 Billion for Clean Energy, Battery Storage Committed to We Energies

Milwaukee, WISCONSIN – The Department of Energy’s (DOE) Loans Program Office (LPO) has announced a conditional commitment for an Energy Infrastructure Reinvestment (EIR) loan guarantee of up to $2.5 billion to We Energies / Wisconsin Electric Power Company (WEPCO) to support a portfolio of clean energy and storage projects in Wisconsin. LPO’s EIR program was created under the Inflation Reduction Act to support utilities and companies in retooling, replacing, or repowering outdated fossil infrastructure.

The loan, if finalized, would help finance more than 1,650 megawatts (MWs) of wind, solar, energy storage, and hydropower. These projects would help We Energies, a subsidiary of WEC Energy Group, reduce costs for consumers and meet WEC’s stated goal of ending coal use by the end of 2032.

In response, Elizabeth Ward, Sierra Club - Wisconsin Chapter Director, released the following statement:

“We’re excited to see We Energies harness this unique opportunity to make already low cost clean energy even more affordable for ratepayers. This innovative loan program will help ensure that Wisconsinites see more stable rates, have more good clean energy jobs, and have fewer harmful emissions. We are looking forward to seeing WEC Energy Group fully commit to clean energy, and use this momentum to avoid new gas facilities in Wisconsin. We're also pleased that, as part of this loan, We Energies is anchoring its existing commitment to move away from burning coal. A clean energy transition is the best solution for saving customers’ money and protecting the planet.”