COLUMBUS, Ohio, Sept. 30,
2024 /PRNewswire/ -- American Electric Power (Nasdaq:
AEP) has completed the sale of its distributed resources business,
OnSite Partners, to funds advised by Basalt Infrastructure Partners
LLC. AEP nets approximately $318
million in cash after taxes, transaction fees and other
customary adjustments.
The sales agreement was announced in May
2024. The sale received necessary regulatory approval from
the Federal Energy Regulatory Commission and federal clearance
pursuant to the Hart-Scott-Rodino Antitrust Improvement Act of
1976.
About AEP
At American Electric Power, based in Columbus, Ohio, we understand that our
customers and communities depend on safe, reliable and affordable
power. Our nearly 16,000 employees operate and maintain more than
40,000 miles of transmission lines, the nation's largest electric
transmission system, and more than 225,000 miles of distribution
lines to deliver power to 5.6 million customers in 11 states. AEP
also is one of the nation's largest electricity producers with
nearly 29,000 megawatts of diverse generating capacity, including
approximately 6,000 megawatts of renewable energy. AEP is investing
$43 billion over the next five years
to make the electric grid cleaner and more reliable. We are on
track to reach an 80% reduction in carbon dioxide emissions from
2005 levels by 2030 and have a goal to achieve net zero by 2045.
AEP is recognized consistently for its focus on sustainability,
community engagement and inclusion. AEP's family of companies
includes utilities AEP Ohio, AEP Texas, Appalachian Power (in
Virginia and West Virginia), AEP Appalachian Power (in
Tennessee), Indiana Michigan
Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power
Company (in Arkansas, Louisiana, east Texas and the Texas
Panhandle). AEP also owns AEP Energy, which provides
innovative competitive energy solutions nationwide. For more
information, visit aep.com
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SOURCE American Electric Power