AEP Energy, a subsidiary of American Electric Power, has teamed up with Opdenergy, an independent power producer with extensive development experience, to expand its solar capacity.
Firstly, the partnership involves a 12-year agreement in which Opdenergy will develop and 80-megawatt solar plant in Jefferson County, West Virginia. The output of the plant will go to supply AEP Energy’s customers in the state.
Secondly, AEP Energy will concentrate the received energy to its Integrated Renewable Energy (IRE) solution, which is a long-term, fixed price retail energy option for the residents of West Virginia, to acquire locally-sourced clean solar and wind energy.
Thirdly, the plant to be developed by Opdenergy will be connected and operational by the end of 2022. Once in that stage it will generate more than 153,000 megawatt hours of clean energy, annually.
Moreover, Opdenergy came to be around 2005; since then, it has raised more than $1800 euros though Project Finance and equity investments in photovoltaic and onshore wind assets in Spain, Chile, Mexico, Italy, and England.
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AEP Energy will add to its solar portfolio and will ensure clean energy delivery
In addition, the firm has an impressive renewable energy development track record, having signed more than 800 MW of both public and private Power Purchase Agreements.
On the other hand, AEP Energy is a certified competitive retail electricity and natural gas supply provider; it operates in 28 service territories in six states and Washington, D.C. It has a portfolio of more than 500,000 residential and business customers.
Consequently, Greg Hall, president of AEP Energy, said about the project. “AEP Energy is proud to partner with Opdenergy to add to our growing portfolio of renewable energy resources. This project will ensure we can continue to deliver clean, reliable energy to customers who have chosen our IRE solution; while also providing valuable economic benefits to the eastern panhandle of West Virginia.”
Finally, Luis Cid, CEO of Opdenergy, stated. “This project will be a very positive endeavor for both companies and the local community. We will continue to work to increase our position in a market as important as the United States.”