May 12 (Renewables Now) - The Arkansas Public Service Commission (APSC) has given its nod to Southwestern Electric Power Co’s (SWEPCO’s) partial acquisition of a 1,485-MW wind project portfolio in Oklahoma.
The subsidiary of utility American Electric Power Company Inc (NYSE:AEP) said on Monday it wants to acquire 54.5% stakes in three power plants, collectively called the North Central Energy Facilities. The capacity to be acquired amounts to 810 MW.
The plan is part of a larger deal in which Public Service Company of Oklahoma (PSO), SWEPCO’s sister company, will buy the remaining 45.5% in the wind cluster. All assets in it have been developed by Chicago-based Invenergy. The actual acquisition will take place upon completion of the assets in 2020 and 2021, delivering power to the two AEP units’ customers in Arkansas, Louisiana, Texas and Oklahoma.
SWEPCO will invest USD 1.01 billion (EUR 933.6m) for its part of the acquisition, it said in a press release. The utility noted it is also seeking approval for the deal from utility regulators in Louisiana and Texas.
After greenlighting the acquisition, Arkansas’ share of megawatts received from the project is estimated at 155 MW but could rise to 268 MW, depending on regulatory clearance in the two other states.
The Federal Energy Regulatory Commission (FERC) has given the thumbs-up to the acquisition of the wind facilities by SWEPCO and PSO.
(USD 1.0 = EUR 0.924)