AEP Renewables purchases 227 megawatts of Texas wind project

AEP Renewables, a subsidiary of American Electric Power (AEP), recently completed the purchase of 227 megawatts (MW) of the Santa Rita East Wind Project, which is located approximately 70 miles west of San Angelo, Texas, from Invenergy Renewables LLC.

The purchase represents 75 percent of the project’s total generation. Invenergy will retain 25 percent ownership of the project.

“AEP’s long-term strategy, driven by the expectations of our customers and technology advances, includes diversifying our power plant portfolio with clean, renewable generation,” AEP Chairman, President and CEO Nicholas K. Akins said. “This acquisition increases our contracted renewable generation portfolio to 1,302 megawatts. We’ve targeted approximately $2.2 billion in capital investment in our contracted renewables business by 2023, and combined with our purchase of wind, solar and battery assets in April, we have achieved nearly 70 percent of our contracted renewables investment goal.”

Long-term virtual power purchase agreements (VPPAs) are in place with Grupo Bimbo, Merck, and Novartis for AEP Renewables’ share of the Santa Rita East Wind Project generation.

In addition to Santa Rita East, AEP added 724 MW of wind and battery generation to its contracted renewable generation portfolio in April.