American Electric Power has completed the sale of its 1,365-megawatt unregulated, contracted renewables portfolio to IRG Acquisition Holdings, a partnership owned by Invenergy, CDPQ and funds managed by Blackstone Infrastructure, at an enterprise value of $1.5B including project debt. AEP nets approximately $1.2 billion in cash after taxes, transaction fees and other customary adjustments. AEP signed an agreement to sell the assets in February 2023 and obtained approval from the Federal Energy Regulatory Commission, clearance from the Committee on Foreign Investment in the United States and approvals under applicable competition laws. The sale portfolio includes 14 projects, representing 1,200 MW of wind and 165 MW of solar in 11 states. The renewable power from the projects is contracted under long-term agreements with other utilities, corporations and municipalities.
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