American Electric Power Inks First Solar Power Purchase Deal
June 15 2009 - 12:20PM
Dow Jones News
American Electric Power Co. (AEP) said Monday it will buy all of
the output from a solar energy project to be built in Ohio.
The 20-year agreement to supply AEP's Ohio utility was signed
with a subsidiary of Juwi Solar Inc. The international solar
developer will build a 10-megawatt facility in Wyandot County
that's expected to be operational by the summer of 2010.
The two sides didn't disclose terms of the agreement. This is
American Electric Power's first agreement with a utility-scale
solar project.
Earlier this month, American Electric Power issued a request for
proposed long-term purchase agreements for up to 1,100 megawatts of
additional renewable energy. The Columbus, Ohio company's goal is
to add 2,000 megawatts of renewable power by the end of 2011.
Shares of American Electric Power recently traded down 2.4% to
$27.34.
-By Mark Peters, Dow Jones Newswires; 212-416-2457;
mark.peters@dowjones.com