AEP eyes $1bn renewables spend
Clean power projects already sourced in nine US states
American Electric Power (AEP) is planning to invest about $1bn in renewable energy projects between 2017 and 2019.
AEP recently formed new subsidiaries – AEP OnSite Partners and AEP Renewables – to invest in renewable generation, energy storage and combined heat and power projects.
The company said the subsidiaries already have projects in nine states with a “strong pipeline of additional opportunities”.
The renewables investment is part of wider capital plans totaling $17.3bn to support higher operating earnings growth, the company said.