Columbus-based American Electric Power Company Inc. (AEP) is “dipping its toe” into the renewable energy business sector, with “plans to spend $1 billion” on renewables, Columbus Business First reports. Part of that total comes from AEP’s September 2016 sale of four power plants, three of them in Ohio, for $2.17 billion. The company has “formed two related subsidiaries, one that focuses on smaller-scale wind and solar projects and the other focused on larger projects,” according to the article. AEP Onsite Partners will target “solar projects that emit 1 to 5 megawatts of power and cost between $2 million and $15 million,” such as businesses, hospitals or schools that want to install rooftop solar systems. AEP Renewables will focus on utility-scale projects, “wind and solar farms whose power output is sold via long-term power purchase agreements to other utilities, cities and corporations that demand their businesses run on clean energy.” For more, read the full article.
AEP has plans to invest $1 billion in renewable energy
