AEP to Sell Racine to Eagle Creek Renewable Energy

AEP has signed an agreement to sell its Racine hydro facility to Eagle Creek Renewable Energy.

The sale directly impacts two AEP employees who will transfer to the new owner upon transaction completion. The employees were advised of the sale earlier today.

“Our employees have done an incredible job operating Racine, and I’m confident that they will contribute to the future success of the facility,” said Nick Akins, chairman, president and chief executive officer. “We will continue to operate the plant safely in the coming months while working closely with the Eagle Creek team to obtain the regulatory approvals necessary to complete the sale.”

Eagle Creek Renewable Energy, a subsidiary of Ontario Power Generation, is an experienced hydro operator and was also the buyer of Reusens Hydro Plant from AEP in 2017.

The Appalachian Power and Indiana Michigan Power hydro facilities, Berrien Springs, Buchanan, Constantine, Elkhart, London, Marmet, Mottville, Twin Branch and Winfield, which were being studied separately for sale, will remain part of AEP.

“We continue to evaluate plans to maintain operation of these facilities, including possible future capital plans,” said Paul Chodak, executive vice president – Generation. “I want to thank the employees of all the hydro plants for their continued commitment to operating their facilities safely and reliably.