AEP to sell US renewable portfolio to IRG Acquisition Holdings
USA: The US-based power generation company American Electric Power (AEP) is to sell its 1.365 GW portfolio of renewable assets to IRG Acquisition Holdings.
Image source: Power Technology
USA: The US-based power generation company American Electric Power (AEP) is to sell its 1.365 GW portfolio of renewable assets to IRG Acquisition Holdings.
The unregulated, contracted portfolio has an enterprise value of $1.5 B, which includes project debt.
The portfolio includes 14 projects representing 1.2 GW of wind capacity and 165 MW of solar capacity across 11 US states.
“We are committed to de-risking the company and prioritising investments in our core regulated businesses. The proceeds from the sale will be directed to the significant pipeline of opportunities we have to enhance service for customers across our footprint and advance our clean energy transition,” said AEP president and CEO Julie Sloat.
The deal is expected to close in the second quarter of 2023.
Source: Power Technology
#American Electric Power#IRG Acquisition Holdings#Renewables#sale#USA