COLUMBUS, Ohio, Feb. 9, 2021 /PRNewswire/ -- American Electric
Power (Nasdaq: AEP) has reached an agreement to sell its
48-megawatt (MW) hydroelectric Racine Plant in Racine, Ohio, owned by AEP Generation
Resources, the company's competitive generation affiliate, to Eagle
Creek Renewable Energy.
"The sale of Racine Plant is part of our ongoing strategic
evaluation of our generating assets as we focus on our regulated
business operations and invest in the infrastructure and energy
innovations that bring value to our customers," said Nicholas K. Akins, AEP chairman, president and
chief executive officer. "We continue to add new emission-free
energy both in our regulated states and through contracted
renewable projects that fit with our overall strategy and
portfolio."
The sale of Racine is expected
to close in the second quarter of 2021 and is subject to approval
by the Federal Energy Regulatory Commission. Due to the competitive
nature of the transaction, the sale price will not be
disclosed.
AEP Generation Resources has retired or sold all of its
capacity, except for the 595-MW Cardinal Plant Unit 1, which is set
to retire in 2030, consistent with AEP's move to exit the
competitive generation business.
Scotiabank is acting as AEP's financial advisor, and
Porter Wright is serving as legal
counsel for the sale process.
Eagle Creek Renewable Energy owns and operates 86 hydroelectric
facilities in the United
States.
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
16,800 employees operate and maintain the nation's largest
electricity transmission system and more than 223,000 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 more than 5,300 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, east Texas and the Texas
Panhandle). AEP also owns AEP Energy, AEP Energy Partners,
AEP OnSite Partners, and AEP Renewables, which provide innovative
competitive energy solutions nationwide. For more information,
visit aep.com.
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SOURCE American Electric Power