COLUMBUS, Ohio, Aug. 9, 2021 /PRNewswire/ -- American
Electric Power (Nasdaq: AEP) has developed a Sustainable Finance
Framework, which will allow the company and its subsidiaries to
issue green, social and sustainability bonds, loans or other
financial instruments and allocate the funds to investments that
enable positive social and environmental change.
The framework strengthens the link between AEP's finance
strategy and its clean energy commitments and social values. Net
proceeds from the instruments will be used by AEP or its
subsidiaries to finance or refinance, in whole or in part, new or
existing projects or assets that support renewable energy, energy
efficiency, clean transportation, access to essential services and
socioeconomic advancement and empowerment. The framework aligns
with eight of the United Nations Sustainable Development Goals:
quality education; gender equality; affordable and clean energy;
decent work and economic growth; industry, innovation and
infrastructure; reduced inequalities; sustainable cities and
communities; and climate action. AEP appointed Sustainalytics to
provide a second-party opinion on the framework, and Credit
Agricole CIB advised AEP on the development of the framework.
"AEP's vision for a brighter energy future focuses on reducing
our environmental footprint, while empowering vibrant communities,"
said Nicholas K. Akins, AEP's
chairman, president and chief executive officer. "This framework
will help support ongoing initiatives as we make strategic
investments to advance our clean energy plans and deliver tangible
value to our customers, communities and investors."
Examples of projects eligible for investment through the financial
instruments include:
- Acquiring, constructing and developing wind and solar energy
projects; optimizing transmission and distribution infrastructure
to support the interconnection of renewable resources
- Researching and developing technologies to reduce emissions,
improve grid resiliency and increase the efficient use of
energy
- Deploying advanced metering infrastructure (AMI) and consumer
energy efficiency programs
- Implementing beneficial electrification and electric vehicle
(EV) incentives and infrastructure programs; converting AEP's fleet
to EVs
- Leveraging AEP's infrastructure to expand broadband internet
service to rural and underserved areas
- Empowering equity for minorities through the procurement of
products and services from small and minority-owned businesses,
training and mentoring for those businesses and education
assistance and professional development for minorities
Learn more about AEP's sustainability strategy.
American Electric Power, based in Columbus, Ohio, is powering a cleaner,
brighter energy future for its customers and communities. 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 safely deliver reliable and affordable
power to 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 5,600 megawatts of renewable energy. The
company's plans include growing its renewable generation portfolio
to approximately 50% of total capacity by 2030. AEP is on track to
reach an 80% reduction in carbon dioxide emissions from 2000 levels
by 2030 and has committed to achieving net zero by 2050. AEP is
recognized consistently for its focus on sustainability, community
engagement, and diversity, equity and inclusion. 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, which provides
innovative competitive energy solutions nationwide. For more
information, visit aep.com.
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SOURCE American Electric Power