American Electric Power unit seeks proposals for 1,300 MW of solar, wind
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American Electric Power (AEP
+1.4%)
issues a request for proposals for facilities that will generate roughly ~500 MW of solar power in Indiana or Michigan along with 800 MW of wind energy in those two states plus Illinois or Ohio.
The invitation for bids from AEP's Indiana Michigan Power offers private sector developers "the opportunity to propose the best and most cost-effective projects to add significant renewable energy resources to [its] diverse generation fleet."
I&M Power currently operates five solar farms and purchases power from four Indiana wind farms; in 2021, more than 80% of the energy I&M generated was emission-free.
The company expects some of the new renewable resources to be online by as early as year-end 2024 and the full 1,300 MW to be online as early as year-end 2025.
AEP's earnings growth is "modest but reasonable for a major utility," and the stock offers investors a "solid income choice for 2022," Geoff Considine writes in a bullish analysis posted on Seeking Alpha.