The Northern Indiana Public Service Company, a subsidiary of NiSource Inc., has partnered up with Invenergy to deliver 250 megawatts of solar power to Indiana, through the Fairbanks Solar project; companies announced this Thursday.
Firstly, the solar facility locates in Sullivan County, Indiana, and will begin commercial operations around the fall of 2023. Invenergy will be the company to build the Fairbanks Solar facility; later on, NIPSCO will join through a joint venture when the construction is ready.
Secondly, this is what the industry calls a build transfer agreement; which is also the latest addition of NIPSCO to its renewable electric generation portfolio.
Thirdly, over the life of the project, Fairbanks Solar will directly invest $110 million in the local economy through new tax revenues; and also, landowner payments. The project will support 250 jobs during the construction period.
Moreover, Mike Hooper, NIPSCO president, said. “We are proud to partner with Invenergy on this Fairbanks Solar build transfer agreement. In addition to the positive economic impact this project will have on our home state, this project is the next step in our electric generation transition; which will save our customers $4 billion over the long term.”
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NIPSCO expanding its renewable generation portfolio
Indeed, Fairbanks Solar adds to NIPSCO’s two operating wind farms; as well as eight renewable energy projects previously announced as part of the company’s strategy to become coal-free by 2028. In fact, the company launched an initiative called “You Energy, Your Future”, which includes similar joint ventures and power purchase agreements.
Moreover, “NIPSCO has requested the addition of this new project to its supply portfolio in filings with the Indiana Utility Regulatory Commission.” Also, according to the statement, the company will announce new renewable energy projects in the coming weeks.
On the other hand, Ted Romaine, Senior Vice President of Invenergy, said. “Invenergy’s partnership with NIPSCO for the Fairbanks Solar project is a significant step in bringing more affordable, clean energy to Indiana.”
Finally, he remarked. “We are pleased to support NIPSCO’s continued investment in renewable energy while also delivering significant economic benefits to Sullivan County.”