logo
Plus   Neg
Share
Email

American Electric Power Agree To Buy Wind Assets From Sempra

American Electric Power (AEP) Tuesday said its competitive renewable energy subsidiary has agreed to buy Sempra Renewables LLC and its 724 megawatts of operating wind generation and battery assets for about $1.056 billion

The price includes $551 million in cash, assumption of $343 million in existing project debt and $162 million in tax equity obligation. The final acquisition cost will be subject to closing and working capital adjustments.

Sempra Renewables, a subsidiary of Sempra Energy, jointly owns all or part of seven wind farms and one battery installation in seven states.

"Our long-term strategy is focused on diversifying our generation portfolio including expanding our ownership of renewable generation. We targeted $2.2 billion of capital investment in competitive, contracted renewables by 2023. Adding these high-quality renewable assets to our portfolio will achieve a significant portion of that goal this year," said Nicholas Akins, AEP chairman, president and chief executive officer.

AEP reaffirms its 2019 operating earnings guidance range of $4.00 to $4.20 per share.

For comments and feedback contact: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Special Counsel Robert Mueller has completed his investigation of Russian meddling in the 2016 presidential election and alleged collusion with President Donald Trump's campaign and delivered a confidential report to Attorney General William Barr. a summary of select stories from the cryptocurrency and blockchain world during this week. Stocks moved sharply lower over the course of the trading session on Friday, more than offsetting the rally seen in the previous session. The Nasdaq and the S&P 500 pulled back well off Thursday's five-month closing highs.
Follow RTT