American Electric Power said it agreed to sell its 1,365 MW renewables portfolio to IRG Acquisition Holdings, a partnership owned by Invenergy, CDPQ and funds managed by Blackstone Infrastructure, at an enterprise value of $1.5 billion including project debt.
The sale is expected to close in the second quarter. At the closing, AEP is expected to net $1.2 billion in cash.
The portfolio includes 14 projects made up of 1,200 MW of wind and 165 MW of solar in 11 states. Renewable power from the projects is contracted under long-term agreements with other utilities, corporations and municipalities.
