AEP to raise USD 315m from sale of distributed resources business
- Admin
- May 15, 2024
- 1 min read
American Electric Power agrees to sell AEP OnSite Partners, a distributed resources business, to Basalt Infrastructure Partners LLC for approximately USD 315 million. The transaction is expected to close in the third quarter of 2024. AEP OnSite Partners owns, operates, and maintains behind-the-meter assets and distributed energy resources, with a current portfolio of over 300 MW spread across nearly 100 sites. The proceeds from the sale will be used to support American Electric Power's financing plan to invest in cleaner and more reliable power grid, aiming for an 80% reduction in carbon dioxide emissions by the end of the decade.
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