AEP acquires Sempra Renewables as part of long-term diversification strategy

The competitive renewable energy subsidiary of American Electric Power, AEP Clean Energy Resources, “has completed the purchase of Sempra Renewables LLC and its 724 MW [megawatts] of operating wind generation and battery assets,” reports. The purchase “includes all or part of seven wind farms and one battery installation in seven states,” according to the article. Nicholas K. Akins, AEP chairman, president and CEO, said the move supports the company’s “long-term strategy to diversify our generation fleet,” adding, “[w]e’ve targeted a total of $2.2 billion in capital investment in competitive, contracted renewables by 2023.” This acquisition increases AEP’s renewable generation portfolio to 1,075 MW. For more, read the full article.

Renewable Energy