May 1 (Renewables Now) - US utility American Electric Power Company Inc (NYSE:AEP), is looking to buy solar and wind power from facilities in the PJM power market that will go online no later than 2023.
More specifically, the company unit AEP Energy Partners is seeking to sign power purchase agreements (PPAs) with new solar and wind power plants, as well as wind repowering projects. Interested parties are invited to submit a notice of intent to bid by May 7 and file their proposal packages by May 23, 2019, AEP said on Tuesday.
The duration of the off-take deals will be 10, 12 and 15 years, while the contracted projects need to enter commercial operation between 2020 and 2023. Proposals with alternative terms will be accepted, AEP said.
Ohio-based AEP owns over 32 GW of power generation capacity, of which more than 5 GW comes from renewables.