American Electric Power has reached an settlement to promote its 48-MW Racine Plant, owned by era affiliate AEP Generation Resources, to Eagle Creek Renewable Energy.
“The sale of Racine Plant is a part of our ongoing strategic analysis of our producing belongings as we deal with our regulated enterprise operations and spend money on the infrastructure and vitality improvements that deliver worth to our prospects,” mentioned Nicholas Ok. Akins, AEP chairman, president and chief government officer. “We proceed so as to add new emission-free vitality each in our regulated states and thru contracted renewable tasks that match with our general technique and portfolio.”
The Racine plant is on the Ohio River in Racine, Ohio. The run-of-river facility started working in 1983 at a U.S. Army Corps of Engineers lock and dam.
The sale of Racine is predicted to shut within the second quarter of 2021 and is topic to approval by the Federal Energy Regulatory Commission. AEP mentioned that because of the aggressive nature of the transaction, the sale value won’t be disclosed.
AEP Generation Resources has retired or bought all of its capability, apart from the 595-MW Cardinal Plant Unit 1, which is about to retire in 2030, in keeping with AEP’s transfer to exit the aggressive era enterprise.
Eagle Creek Renewable Energy owns and operates 86 hydroelectric services within the U.S.
AEP, primarily based in Columbus, Ohio, is concentrated on constructing a wiser vitality infrastructure and delivering new applied sciences and customized vitality options to prospects. AEP has about 30,000 MW of producing capability, together with greater than 5,300 MW of renewable vitality.
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