AEP to sell contracted renewables portfolio at $1.5B enterprise value
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American Electric Power (NASDAQ:AEP) said Wednesday it agreed to sell its 1,365 MW unregulated, contracted renewables portfolio to IRG Acquisition Holdings for ~$1.2B in cash after taxes, transaction fees and other customary adjustments.
IRG is a partnership owned by Invenergy, CDPQ and Blackstone Infrastructure funds.
AEP (AEP) said the sale portfolio includes 14 projects, representing 1,200 MW of wind and 165 MW of solar in 11 states, and the renewable power from the projects is contracted under long-term agreements.
"We're committed to de-risking the company and prioritizing investments in our core regulated businesses," President and CEO Julie Sloat said.
American ElectricPower (AEP) has a very large asset base and is one of the best-positioned regulated utilities in the U.S., Gen Alpha writes in an analysis posted recently on Seeking Alpha.