American Electric Power (AEP) has agreed to sell its 48-megawatt hydroelectric Racine Plant in Ohio to Eagle Creek Renewable Energy as part of an ongoing strategic evaluation of AEP’s generating assets.
The buyer, Eagle Creek Renewable Energy, owns and operates 86 hydroelectric facilities in the United States.
Nicholas Akins, chairman, president and CEO of AEP, said the company is focusing on its regulated business operations and investing in infrastructure and energy innovations that bring value to its customers.
“We continue to add new emission-free energy both in our regulated states and through contracted renewable projects that fit with our overall strategy and portfolio,” added Akins.
The Racine Plant is technically owned by AEP Generation Resources, the company’s competitive generation affiliate, which has sold all of its capacity except one 595-megawatt plant, as part of AEP’s move to exit the competitive generation business.
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