AEP completes sale of AEP OnSite Partners

COLUMBUS, Ohio, September 30, 2024 /PRNewswire/ — American Electric Power (Nasdaq: AEP) has completed the sale of its distributed resources business, OnSite Partners, to funds advised by Basalt Infrastructure Partners LLC. AEP networks approximately 318 million dollars in cash after taxes, transaction fees and other customary adjustments.

The sale agreement was announced in May 2024. The sale received required regulatory approval from the Federal Energy Regulatory Commission and federal approval under the Hart-Scott-Rodino Antitrust Improvement Act of 1976.

About AEP

At American Electric Power, based in Columbus, OhioWe understand that our customers and communities depend on safe, reliable and affordable energy. Our nearly 16,000 employees operate and maintain more than 40,000 miles of transmission lines, the largest electric transmission system in the nation, and more than 225,000 miles of distribution lines to provide power to 5.6 million customers in 11 states. AEP is also one of the nation’s largest electricity producers, with nearly 29,000 megawatts of diverse generating capacity, including approximately 6,000 megawatts of renewable energy. AEP invested 43 billion dollars over the next five years to make the power grid cleaner and more reliable. We are well on our way to achieving one 80% Reducing carbon dioxide emissions from 2005 levels by 2030 and aiming to reach net zero by 2045. AEP is regularly recognized for its focus on sustainability, community engagement and inclusion. The AEP family of companies includes utility companies AEP Ohio, AEP Texas, Appalachian Power (in Virginia And West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahomaand Southwestern Electric Power Company (in Arkansas, LouisianaEast Texas and the Texas Panhandle). AEP also owns AEP Energy, which provides innovative, competitive energy solutions nationwide. For more information, visit aep.com

View original content to download multimedia: https://www.prnewswire.com/news-releases/aep-completes-sale-of-aep-onsite-partners-302262684.html

SOURCE American Electric Power