American Electric Power (AEP), one of the nation’s largest power producers, has completed the sale of its 1,365-MW unregulated contracted renewables portfolio to an Invenergy-led consortium.
IRG Acquisition Holdings (IRGAH)—a partnership between Invenergy, CDPQ, and funds managed by Blackstone Infrastructure Partners—confirmed the close of the transaction on Aug. 16 for a $1.5 billion enterprise value.
The portfolio includes 14 projects in 11 states and is comprised of 1,200 MW of wind generation and 165 MW of solar projects. It represents the “largest ever acquisition” for Invernegy, a major developer, owner, and operator of large-scale renewable, gas power, transmission, and storage facilities. “The renewable power generated by these projects is contracted under long-term agreements with various utilities, corporations, and municipalities,” Invenergy said.