July 16 (Renewables Now) - US utility American Electric Power Company Inc (NYSE:AEP) announced on Monday it is seeking regulatory clearance to buy 1,485 MW of wind power plants currently being developed in Oklahoma.
The three projects include a 199-MW wind park, planned to be switched on south of Alva by end-2020, and two other facilities with capacities of 999 MW, to the north of Weatherford, and 287 MW, southwest of Enid. The two larger plants are slated to become operational by the end of 2021. All of these projects were developed by Chicago-based Invenergy and were selected in a competitive solicitation for wind power for AEP’s subsidiaries Public Service Co of Oklahoma (PSO) and Southwestern Electric Power Co (SWEPCO).
If it gets the needed approvals, AEP will invest almost USD 2 billion (EUR 1.78bn) in the three projects, including all costs. Should the proposed acquisition be completed, SWEPCO would own 810 MW, while PSO would get 675 MW of the overall capacity.
Once fully operational, the three wind parks are expected to produce over 5.7 million MWh of electricity annually for AEP’s clients in Arkansas, Louisiana, Oklahoma and Texas.
Ohio-based AEP owns over 32 GW of power generation capacity, of which 5.3 GW comes from renewables. The company has proposed to boost its portfolio by 9.1 GW of fresh wind and solar by 2030.
(USD 1.0 = EUR 0.888)