NIPSCO and Capital Dynamics sign build-transfer deal for 200MW solar project

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NIPSCO plans to go coal-free by 2028. Image: Joe Passe/Flickr

US utility Northern Indiana Public Service Company (NIPSCO) has signed a deal with asset manager Capital Dynamics’ green energy business to develop a 200MW solar farm in Gibson County, Indiana.

Capital Dynamics has signed a build-transfer agreement for the Elliot Solar project, which the asset manager is set to break ground on next summer. NIPSCO will then enter into a joint venture to take ownership of the project when it comes online in 2023. The utility has already signed a power purchase agreement (PPA) with Capital Dynamics to offtake 100% of energy produced by the Gibson Solar project in southern Indiana, due to also begin commercial operations in 2023.

Mike Hooper, president of NIPSCO, said the construction of the Elliot Solar project marks “a major step” in the utility’s transition towards low-carbon energy generation. The Elliot Solar project is expected to cost US$170 million to bring to life, according to the project website.

It is not the only solar build-transfer agreement NIPSCO has made this year. The Indiana utility company also announced a partnership with a subsidiary of EDP Renewables last month for the 200MWac Indiana Crossroads Solar Park, which is set to come online next year.

NIPSCO, a subsidiary of NiSource, has signed several build-transfer deals in the past 12 months to increase its clean energy capacity and become a coal-free utility by 2028. It secured an agreement with NextEra Energy Resources to develop 900MW of solar and 135MW of energy storage in October 2020, and signed another contract with developer Invenergy last month for 250MW of solar.

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