April 29 (Reuters) - U.S. electric utility WEC Energy

Group ( WEC ) said on Monday it will acquire 90% ownership stake

in a solar project located near Dallas, Texas for about $459

million.

The 300-megawatt solar project Delilah I is developed by

Invenergy to generate renewable energy under a long-term power

purchase agreement with a global automaker.

WEC said the investment is eligible for production tax

credits provided under President Joe Biden's Inflation Reduction

Act (IRA).

Companies and residents are aiming to capitalize on the IRA,

as it provides generous tax credits for EVs and clean energy

technologies such as wind and solar farms.

The project is a part of a five-phase Samson & Delilah solar

portfolio. WEC said it already holds a majority interest in a

separate phase of the project, Samson I.

Commercial operation at the Delilah I project is expected to

begin by the end of June.

WEC Energy ( WEC ) said it has existing or planned investments in 11

solar and wind projects totaling more than 2 gigawatts of

capacity.

"The Delilah Solar project is an exciting addition to our

infrastructure business and highlights our continued investment

in affordable, reliable and clean energy," said WEC's executive

chairman Gale Klappa.