AEP Renewables Purchases Invenergy Share Of Desert Sky And Trent Mesa

Rhea-AI Summary

AEP Renewables, a subsidiary of American Electric Power (NYSE: AEP), has acquired Invenergy's 20.1% stake in the Desert Sky and Trent Mesa wind facilities in Texas. This acquisition increases AEP Renewables' ownership of the 170 MW Desert Sky and 156 MW Trent Mesa facilities, enhancing its renewable energy capabilities to meet rising demand. The company is also developing the 128 MW Flat Ridge 3 wind project in Kansas, which will further expand its clean energy portfolio to a total of 1,495 MW. The terms of the acquisition have not been disclosed.

Positive

• AEP Renewables now owns full capacity of Desert Sky (170 MW) and Trent Mesa (156 MW) wind facilities.
• Acquisition strengthens AEP's renewable energy position to support growing customer demands.
• The construction of Flat Ridge 3 will expand the renewable energy portfolio to 1,495 MW.

Negative

• None.

COLUMBUS, Ohio, Aug. 18, 2020 /PRNewswire/ -- American Electric Power's (NYSE: AEP) competitive renewable energy subsidiary, AEP Renewables, has completed the purchase of Invenergy's 20.1% interest in the Desert Sky and Trent Mesa wind facilities in Texas. AEP Renewables and Invenergy have jointly owned the facilities since 2018. The terms of the transaction are not being disclosed for competitive reasons.

AEP Renewables now owns the full capacity of the 170 MW Desert Sky facility located near Iraan, Texas, and the 156 MW Trent Mesa facility, located between Abilene and Sweetwater in west Texas. Both facilities were built in the early 2000s and repowered in 2018.

"AEP Renewables is focused on developing and operating renewable generation facilities to help meet the long-term, clean energy goals of utilities, electric cooperatives, municipalities and corporate customers. With the full capacity of Trent Mesa and Desert Sky, AEP Renewables can better support the increasing demands of its expanding renewable customer base," said Greg Hall, president, AEP Renewables.

AEP Renewables also is in the construction phase of building the 128 MW Flat Ridge 3 wind facility in Kingman County, Kansas. When complete, Flat Ridge 3 will increase AEP Renewables' clean energy portfolio to 1,495 MW.

AEP Renewables, with offices in Columbus, Ohio, and San Diego, is a wholly owned subsidiary of AEP. AEP Renewables currently owns and operates 1,367 megawatts of large-scale wind, solar and energy storage in 11 states and has an active development pipeline across the U.S. AEP Renewables sells renewable energy through long-term contracts with utilities, electric cooperatives, municipalities and corporate customers. For more information, visit www.aeprenewables.com.

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 approximately 17,400 employees operate and maintain the nation's largest electricity transmission system and nearly 221,000 miles of distribution lines to efficiently deliver safe, reliable power to nearly 5.5 million regulated customers in 11 states. AEP also is one of the nation's largest electricity producers with approximately 30,000 megawatts of diverse generating capacity, including 5,200 megawatts of renewable energy. 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.

 

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SOURCE American Electric Power

FAQ

What recent acquisition did AEP Renewables make?

AEP Renewables acquired Invenergy's 20.1% interest in the Desert Sky and Trent Mesa wind facilities.

How much renewable energy capacity does AEP Renewables currently own after the acquisition?

After the acquisition, AEP Renewables owns a total of 1,367 MW of renewable energy, which will increase to 1,495 MW with the completion of Flat Ridge 3.

Where are the Desert Sky and Trent Mesa wind facilities located?

The Desert Sky facility is located near Iraan, Texas, and the Trent Mesa facility is between Abilene and Sweetwater in west Texas.

What is the significance of AEP Renewables' acquisition for its customers?

The acquisition allows AEP Renewables to better meet the increasing clean energy demands of utilities, cooperatives, municipalities, and corporate customers.