American Electric Power (AEP), which owns the nation’s largest electricity transmission system and supplies 3,200 MW of renewable energy to customers, says it will invest approximately $1 billion in new renewable energy projects between 2017 and 2019, according to a recent release outlining the company’s financial outlook and earnings growth strategy.
Overall, AEP says it plans to invest approximately $17.3 billion over the two-year period for its core regulated operations and contracted renewables.
The company says it recently formed new subsidiaries, AEP OnSite Partners and AEP Renewables, to invest in renewable generation, energy storage, and combined heat and power projects throughout the U.S. Specifically, these subsidiaries will invest in projects that provide cleaner energy under long-term contracts for cities, schools, companies, utilities and municipalities.
According to AEP, the two subsidiaries already have projects in nine states with a strong pipeline of additional opportunities.