AEP Renewables Completes Purchase Of Santa Rita East Wind Project

Source Press Release
Company American Electric PowerInvenergy LLC 
Tags Asset Deals, Deals, Renewable Energy, Power
Date July 24, 2019

American Electric Power's (NYSE: AEP) AEP Renewables subsidiary has completed the purchase of 75 percent, or 227 megawatts (MW), of the Santa Rita East Wind Project from Invenergy Renewables LLC. Santa Rita East is located approximately 70 miles west of San Angelo, Texas. Invenergy will retain 25 percent ownership of the project.

"AEP's long-term strategy, driven by the expectations of our customers and technology advances, includes diversifying our power plant portfolio with clean, renewable generation. This acquisition increases our contracted renewablegeneration portfolio to 1,302 megawatts. We've targeted approximately $2.2 billion in capital investment in our contracted renewables business by 2023, and combined with our purchase of wind, solar and battery assets in April, we have achieved nearly 70 percent of our contracted renewables investment goal," said Nicholas K. Akins, AEP chairman, president and chief executive officer.

In addition to Santa Rita East, AEP added 724 MW of wind and battery generation to its contracted renewablegeneration portfolio in April.

Long-term virtual power purchase agreements (VPPAs) are in place with Grupo Bimbo, Merck and Novartis for AEP Renewables' share of the Santa Rita East generation.    

AEP Renewables, a wholly owned subsidiary of AEP, develops, owns and operates large-scale wind and solar energy generation projects throughout the United States and sells that renewable energy through long-term contracts with utilities, electric cooperatives, municipalities and corporate customers. For more information, visit .

American Electric Power, based in Columbus, Ohio, is focused on building a smarter energy infrastructure and delivering new technologies and custom energy solutions to our customers. AEP's more than 18,000 employees operate and maintain the nation's largest electricity transmission system and more than 219,000 miles of distribution lines to efficiently deliver safe, reliable power to nearly 5.4 million regulated customers in 11 states. AEP also is one of the nation's largest electricity producers with approximately 32,000 megawatts of diverse generating capacity, including nearly 5,300 megawatts of renewable generation. AEP's family of companies includes utilities AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana and east Texas). AEP also owns AEP Energy, AEP Energy Partners, AEP OnSite Partners, and AEP Renewables, which provide innovative competitive energy solutions nationwide.

Source: EvaluateEnergy® ©2020 EvaluateEnergy Ltd