Press release
AEP Releases Sustainable Finance Framework
COLUMBUS, Ohio, Aug. 9, 2021 /PRNewswire/ -- American Electric Power (Nasdaq: AEP) has developed a Sustainable Finance Framework, which will allow the company
About this update from American Electric Power Company, Inc.
[{"type":"text","content":"COLUMBUS, Ohio, Aug. 9, 2021 /PRNewswire/ -- American Electric Power (Nasdaq: AEP) has developed a Sustainable Finance Framework, which will allow the company and its subsidiaries to issue green, social and sustainability bonds, loans or other financial instruments and allocate the funds to investments that enable positive social and environmental change.\nThe framework strengthens the link between AEP's finance strategy and its clean energy commitments and social values. Net proceeds from the instruments will be used by AEP or its subsidiaries to finance or refinance, in whole or in part, new or existing projects or assets that support renewable energy, energy efficiency, clean transportation, access to essential services and socioeconomic advancement and empowerment. The framework aligns with eight of the United Nations Sustainable Development Goals: quality education; gender equality; affordable and clean energy; decent work and economic growth; industry, innovation and infrastructure; reduced inequalities; sustainable cities and communities; and climate action. AEP appointed Sustainalytics to provide a second-party opinion on the framework, and Credit Agricole CIB advised AEP on the development of the framework.\n\"AEP's vision for a brighter energy future focuses on reducing our environmental footprint, while empowering vibrant communities,\" said Nicholas K. Akins, AEP's chairman, president and chief executive officer. \"This framework will help support ongoing initiatives as we make strategic investments to advance our clean energy plans and deliver tangible value to our customers, communities and investors.\"\n Examples of projects eligible for investment through the financial instruments include:\nAcquiring, constructing and developing wind and solar energy projects; optimizing transmission and distribution infrastructure to support the interconnection of renewable resources Researching and developing technologies to reduce emissions, improve grid resiliency and increase the efficient use of energy Deploying advanced metering infrastructure (AMI) and consumer energy efficiency programs Implementing beneficial electrification and electric vehicle (EV) incentives and infrastructure programs; converting AEP's fleet to EVs Leveraging AEP's infrastructure to expand broadband internet service to rural and underserved areas Em...