AEP sells Racine Hydro Plant in Ohio to Eagle Creek Renewable Energy
American Electric Power sold its 48-megawatt (MW) hydroelectric Racine Plant in Racine, Ohio, to Eagle Creek Renewable Energy.
“The sale of Racine Plant is part of our ongoing strategic evaluation of our generating assets as we focus on our regulated business operations and invest in the infrastructure and energy innovations that bring value to our customers,” Nicholas Akins, AEP chairman, president and CEO, said. “We continue to add new emission-free energy both in our regulated states and through contracted renewable projects that fit with our overall strategy and portfolio.”
The sale is expected to close in the second quarter of 2021 and is subject to approval by the Federal Energy Regulatory Commission.
AEP Generation Resources, a subsidiary of AEP, has retired or sold all of its capacity, except for the 595-MW Cardinal Plant Unit 1, which is set to retire in 2030. This is consistent with AEP’s move to exit the competitive generation business.
Eagle Creek Renewable Energy owns and operates 86 hydroelectric facilities in the United States.
Scotiabank is acting as AEP’s financial advisor. Porter Wright is serving as legal counsel for the sale process.
AEP, based in Columbus, Ohio, provides power to nearly 5.5 million regulated customers in 11 states.
