AEP's Oklahoma unit seeks regulator OK to buy $2.5B wind and solar portfolio
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American Electric Power (NASDAQ:AEP) subsidiary Public Service Company of Oklahoma has petitioned the state's corporate commission for approval to spend nearly $2.5B to acquire three planned wind and three solar plants totaling 995.5 MW from Invenergy, UtilityDive.com reported Monday.
PSO expects the planned projects in Kansas and Texas, which are expected to be operating by January 2026, will produce $1B in federal tax credits.
The proposed deal with Invenergy grew out of PSO's 2021 integrated resource plan that called for acquiring 4,150 MW of renewable resources, AEP (AEP) said in a filing with the Oklahoma Corporation Commission.
The wind and solar projects will provide fuel-free energy that will provide a hedge against the risk of more volatile fuel prices and potential future fuel price increases, the company said.
American Electric Power (AEP) is a "portfolio stabilizer" for investors, Geoff Considine writes in an analysis published recently on Seeking Alpha.