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

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

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.

7 October 2025
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 7-8 October 2025 is our third PV CellTech conference dedicated to the U.S. manufacturing sector. The events in 2023 and 2024 were a sell out success and 2025 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
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

June 30, 2025
Australian module manufacturer Tindo Solar has secured a 30MW solar module supply agreement to power Australia's first "net zero pipeline”.
June 27, 2025
Renewables investment platform Nexwell Power has signed a round of power purchase agreements (PPAs) with “one of the largest” US tech companies for solar PV capacity to be built in Spain.
June 27, 2025
Statkraft has signed PPAs with Better Energy to purchase energy from two solar power plants in Poland with a total capacity of 64GWh.
June 27, 2025
Solar developer Lightsource bp has signed a power purchase agreement (PPA) with a subsidiary of Taiwanese energy firm HD Renewable Energy (HDRE).
June 26, 2025
A round-up of news from the US solar sector this week, including Akuo, Meta and RWE.
June 26, 2025
A group of minority shareholders in Norwegian silicon firm REC Silicon has triggered an investigation into the circumstances surrounding the closure of the company’s US polysilicon production site.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
June 30, 2025
10am PST / 6pm BST
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
July 1, 2025
London, UK
Media Partners, Solar Media Events
July 2, 2025
Bangkok, Thailand
Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico