November 19 (Renewables Now) - US utility American Electric Power Company Inc (NYSE:AEP) is looking to buy electricity from new solar and wind projects in the PJM power market that will go online no later than 2023.
The company’s subsidiary AEP Energy Partners (AEPEP) will sign power purchase agreements (PPAs) after selecting suitable projects through a Request for Proposals, it said on Monday. Eligible schemes are those involving the construction of new solar and wind power plants, as well as wind repowering projects that are planned to go online between 2020 and 2023.
Interested parties can submit a notice of intent to bid in the competition by November 22 and file their proposal packages by December 13, 2019. The utility will sign off-take deals with a term of 10, 12 and 15 years with the winning projects. Proposals with alternative terms will be also accepted, it noted.
Ohio-based AEP owns over 32 GW of power generation capacity, of which more than 5 GW comes from renewables.