Press release
I&M Seeks Detailed Proposals for 1,300 MW of Solar, Wind Energy
First Step in Implementing I&M's Powering the Next Tomorrow Plan Clean Energy Facilities Will Begin Generating Electricity as Early as 2024 FORT WAYNE, Ind.,
About this update from American Electric Power Company, Inc.
[{"type":"text","content":"First Step in Implementing I&M's Powering the Next Tomorrow Plan Clean Energy Facilities Will Begin Generating Electricity as Early as 2024 FORT WAYNE, Ind., March 15, 2022 /PRNewswire/ -- Indiana Michigan Power, an American Electric Power (Nasdaq: AEP) company, has issued a request for proposals (RFP) for facilities that will generate approximately 800 megawatts (MW) of wind energy and approximately 500 MW of solar power.\nI&M's invitation for bids offers private sector developers the opportunity to propose the best and most cost-effective projects to add significant renewable energy resources to I&M's diverse generation fleet. I&M currently operates five solar farms and purchases power from four Indiana wind farms. In 2021, more than 80% of the energy I&M generated was emission-free.\nThe resources being sought in this RFP align with I&M's Powering the Next Tomorrow plan. Powering the Next Tomorrow was described in I&M's Integrated Resource Plan, which was submitted to state utility regulatory commissions in both Indiana and Michigan earlier in 2022. I&M expects some of the new renewable resources to be online by as early as the end of 2024 and the full 1,300 MW to be online as early as the end of 2025.\n\"This RFP is designed to provide qualified developers the opportunity to bring forward wind and solar projects that can be used to serve Indiana Michigan Power customers,\" said Dave Lucas, I&M vice president for Regulatory and Finance. \"These new resources will combine with I&M's existing generation to provide an even more diversified and flexible generation portfolio that will stabilize energy costs over time, stimulate economic growth, reduce emissions and take advantage of new technologies.\"\nIndiana Michigan Power's RFP is open and non-discriminatory, which provides bidders the opportunity to submit proposals that incorporate battery storage, emerging technologies and other resources to supplement the portfolio and provide for optimum performance and affordability.\nI&M prefers projects that will provide economic benefit to the states of Indiana and/or Michigan and encourages the use of local resources where feasible. The RFP also calls for successful bidders to use reasonable efforts to utilize small and diverse suppliers as subcontractors for work. \nThe RFP calls for solar projects within Indiana and/or Michigan, wh...