AEP to sell 1.3GW renewables portfolio to Invenergy/Blackstone partnership

Facebook
Twitter
LinkedIn
Reddit
Email
AEP has previously announced plans to invest approximately US$40 billion in its transmission wire and generation business. Image: Invenergy Renewables.

Energy utility American Electric Power (AEP) has agreed to a sale of its 1.3GW unregulated renewables portfolio for approximately US$1.5 billion including project debt, with a view to investing in its regulated wires and generation business.

The 1,365MW portfolio will be bought by IRG Acquisition Holdings, a partnership owned by Invenergy, CDPQ and funds managed by Blackstone Infrastructure. Blackstone invested US$3 billion in Invenergy last year to expand its renewables development capability.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

The deal is expected to close in Q2 2023, upon which AEP expects to take US$1.2 billion in cash after tax and other fees.

Included in the portfolio are 14 projects, constituting 156MW of solar PV and 1.2GW of wind assets across 11 US states which AEP says are accounted for in offtake agreements with other utilities, corporations and municipalities.

“We’re committed to derisking the company and prioritising investments in our core regulated businesses. The proceeds from the sale will be directed to the significant pipeline of opportunities we have to enhance service for customers across our footprint and advance our clean energy transition,” said Julie Sloat, AEP president and chief executive officer.

The transaction is being serviced by JP Morgan, acting as lead financial advisor, and Citigroup Global Markets as financial advisor to AEP

In December AEP issued a request for proposals for offtake agreements for new and existing renewables projects in the PJM and ERCOT interconnection areas.

July saw a subsidiary of AEP, Southwestern Electric Power Company, acquire a solar project in Louisiana developed by Invenergy. AEP has previously stated its aim to add 30GW of renewable energy capacity to its portfolio by 2030.

21 October 2025
New York, USA
Returning for its 12th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.
16 June 2026
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 16-17 June 2026, will be our fifth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2027 and beyond.

Read Next

October 13, 2025
Two Chinese state-owned energy enterprises have signed cooperation agreements on PV and wind power projects with Saudi companies, with the total contract value exceeding RMB30 billion (US$4.2 billion). 
October 13, 2025
Grenergy has begun construction on a 340MW solar project with 960MWh of energy storage in El Cabrero, located in Chile’s Biobío region. 
October 13, 2025
ANSI has approved a new traceability standard proposed by the SEIA to improve transparency of the solar and storage supply chain.
October 13, 2025
US solar manufacturer T1 Energy has acquired a minority stake in fellow US-based solar cell producer Talon PV.
Premium
October 10, 2025
Gaëtan Masson of IEA PVPS warns of overcapacity, collapsing prices and slipping module quality in the new Trends in PV Applications report.
October 10, 2025
The European solar module market has reached a “state of equilibrium” in recent weeks, with stable prices and regular demand.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 21, 2025
New York, USA
Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK