AEP Energy And Global Energy Generation Execute Solar Power Purchase Agreement In PJM

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May 03, 2021, 09:00 ET

COLUMBUS, Ohio, May 3, 2021 /PRNewswire/ -- AEP Energy, a subsidiary of American Electric Power (Nasdaq: AEP) and one of the largest electric energy wholesale and retail suppliers in the U.S., and Global Energy Generation LLC (Doral LLC), a leading developer of renewable energy projects, primarily in the Midwest and Mid-Atlantic regions, announced today that they have signed a long-term renewable energy purchase agreement for the Mammoth Solar project in Indiana.

Mammoth Solar 1, a 480 megawatt direct current (MWdc) solar energy project, is the first phase of the 1.65 gigawatt direct current (GWdc) Mammoth project being developed by Doral LLC. The Mammoth solar project covers more than 12,000 acres in Starke and Pulaski counties in northern Indiana.

Mammoth Solar 1 is expected to begin construction during the fourth quarter of 2021 and reach commercial operation by the second quarter of 2023.

"AEP Energy is focused on providing customers with integrated, carbon-free energy supplies that deliver long-term price stability while benefitting the environment and surrounding communities. Agreements like the one with Doral LLC demonstrate how our innovative energy solutions can support the development of new renewable clean energy resources, boost local economies and help our customers power their homes and businesses with clean, reliable energy," said Greg Hall, president, AEP Energy.

"This is one of the largest solar power purchase agreements in the PJM market. Mammoth 1 will displace 40,000 tons of greenhouse gas emissions and save 1 billion gallons of irrigation well water annually. Reduced farming chemicals and fertilizers along with allowing the land to be fallow, like in a CRP program, will only enhance the quality of the land for future generations. The investment of hundreds of millions of dollars into the community will create jobs and uplift the economy," said Nick Cohen, President & CEO, Global Energy Generation (Doral LLC).

"Doral LLC, the entrepreneurial platform, of Doral Renewable Energy Resources Group Ltd (Doral Group) in the U.S., is continuing its rapid growth in the region," said Yaki Noyman, chief executive officer of Doral Renewable Energy Resources Group. "This is another significant milestone in Doral LLC' strategy to develop, execute and operate quality large-scale utility renewable energy projects."

AEP Energy, a subsidiary of American Electric Power (Nasdaq: AEP), is a certified competitive retail electricity and natural gas supply provider operating in 27 service territories in six states and Washington, D.C. AEP Energy supplies electricity and natural gas solutions for more than 500,000 residential and business customers and takes pride in making it easy for customers to buy, manage and use energy. Based in Columbus, Ohio, and Chicago, AEP Energy is committed to excellence by delivering value, innovative energy solutions and excellent customer service.

Doral LLC was founded in 2019 as a joint venture between Doral Group and Clean Energy Generation LLC. Doral LLC currently has over 3 GWdc of projects under development and 30,000 acres of land control, mainly in Midwest and Mid-Atlantic U.S. The management team of Doral LLC includes experienced multidisciplinary individuals who worked together for many years in the renewables industry in the US.

Doral Group, is a publicly traded company on the Tel Aviv Stock Exchange in Israel (DORL) and is a global renewable energy leader, holding hundreds of long-term revenue generating renewable energy assets. With over 6 GWdc under development, Doral Group is active, inter alia, in Israel, Europe, and the United States. Doral Group is also emerging as a worldwide leader in the field of solar + storage solutions, following its win of Israel's biggest solar + storage tenders to build approximately 800MW(DC) + 1,500MW of storage facilities in Israel.

SOURCE American Electric Power