AEP Completes Sale of AEP OnSite Partners – Company Announcement

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

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

About AEP

At American Electricitybased 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 on track to achieve an 80% reduction in carbon dioxide emissions from 2005 levels by 2030 and aim 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, Oklahoma Public Service CorporationAnd 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

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SOURCE American Electricity