AEP Energy And Opdenergy To Provide 100% Clean Energy

Rhea-AI Summary

AEP Energy has entered a 12-year agreement with Opdenergy to develop an 80-MW solar plant in Jefferson County, West Virginia. This project will supply clean energy to AEP Energy customers through its Integrated Renewable Energy solution. Scheduled for connection by late 2022, the plant is projected to generate over 153,000 megawatt hours of renewable energy annually. AEP Energy aims to enhance its renewable portfolio and provide economic benefits to the local community.

Positive

• AEP Energy secures a long-term supply of renewable energy through a 12-year agreement.
• The new solar plant will generate over 153,000 megawatt hours of clean energy annually.
• The project supports local economic benefits in West Virginia.

Negative

• None.

COLUMBUS, Ohio, March 31, 2021 /PRNewswire/ -- AEP Energy, a subsidiary of American Electric Power (Nasdaq: AEP), has signed an agreement with Opdenergy, an Independent Power Producer with extensive experience in the development, financing, construction and operation of renewable assets.

Under the terms of the 12-year agreement, Opdenergy will develop an 80-megawatt (MWac) solar plant located in Jefferson County, West Virginia. The energy will be used to supply AEP Energy customers through the company's Integrated Renewable Energy (IRE) solution – a long-term, fixed price retail energy option that supports new, locally-sourced wind and solar.

The plant is expected to be connected by the end of 2022. Once operational, it will generate more than 153,000 megawatt hours per year of clean energy.

"AEP Energy is proud to partner with Opdenergy to add to our growing portfolio of renewable energy resources. This project will ensure we can continue to deliver clean, reliable energy to customers who have chosen our IRE solution, while also providing valuable economic benefits to the eastern panhandle of West Virginia," said Greg Hall, president of AEP Energy.

Luis Cid, CEO of Opdenergy, stated, "We are very excited to sign this agreement with such a great partner in the US as AEP Energy. This project will be a very positive endeavor for both companies and the local community. We will continue to work to increase our position in a market as important as the United States and to contribute to the implementation and development of clean energy in the country."

About AEP Energy
AEP Energy, a subsidiary of American Electric Power (Nasdaq: AEP), is a certified competitive retail electricity and natural gas supply provider operating in 28 service territories in six states and Washington, D.C. AEP Energy supplies electricity and natural gas solutions for more than 500,000 residential and business customers and takes pride in making it easy for customers to buy, manage and use energy. Based in Columbus, Ohio, and Chicago, AEP Energy is committed to excellence by delivering value, innovative energy solutions and excellent customer service.

About Opdenergy
Opdenergy is an Independent Power Producer with extensive experience in the development, financing, construction, and operation of renewable assets, both in the solar power and wind energy fields. The company has successfully developed numerous projects in different parts of the world, thanks to its remarkable international presence. The firm currently has offices in Mexico City, Santiago de Chile, Florida, London and Bologna. Its team consists of more than 130 highly qualified professionals.

Since its inception in 2005, Opdenergy has raised more than €1,800 M through Project Finance and equity investments in photovoltaic and onshore wind assets in Spain, Chile, Mexico, Italy, and England. In addition, the firm has an impressive renewable energy development track record, having signed more than 800 MW of both public and private Power Purchase Agreements. The company is also very excited about the future as it has a development pipeline of over 9 GW of both solar and wind projects worldwide.

 

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SOURCE American Electric Power

FAQ

What is the agreement between AEP and Opdenergy?

AEP Energy signed a 12-year agreement with Opdenergy to develop an 80-MW solar plant in West Virginia.

When will the solar plant developed by Opdenergy be operational?

The solar plant is expected to be connected by the end of 2022.

How much clean energy will the new solar plant generate?

The plant is projected to produce over 153,000 megawatt hours of clean energy annually.

What benefits does the agreement provide to AEP Energy customers?

The agreement will allow AEP Energy to supply clean energy through its Integrated Renewable Energy solution.

Where is the solar plant located?

The solar plant will be located in Jefferson County, West Virginia.