AEP / Energy / Renewable Energy / Wind Energy

AEP to spend $1B for stakes in seven wind farms

Timber Road II wind project in western Ohio. Photo by David Grant / Creative Commons

COLUMBUS — “AEP Corp. is forging ahead with plans to grow its renewable energy business.

The Columbus-based utility announced after markets closed Tuesday that its competitive renewable energy subsidiary has signed an agreement to acquire Sempra Renewables LLC, which controls stakes in seven wind farms and 724 megawatts of wind power, for $1.056 billion.

The deal is to close in the second quarter of 2019.

…The acquisition, the company says, is part of a target of $2.2 billion in investment in competitive renewables by 2023. These are part of a larger plan to cut carbon dioxide emissions by 60 percent from 2000 to 2030. With another recent transaction, the company has grown its renewable energy portfolio to 1.3 gigawatts.”

— Tristan Navera, Columbus Business First

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