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
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