COLUMBUS (dpa-AFX) - Electric utility American Electric Power Co., Inc. (AEP) announced on Wednesday that it will invest about $4 billion in a 702-megawatt fuel cell generation facility near Cheyenne, Wyoming, under a 20-year power purchase agreement with Alphabet's Google (GOOG).
The project, Cheyenne Fuel Cell LLC, is 92% owned and controlled by AEP and nearly 8% owned by funds advised by Basalt Infrastructure Partners.
AEP said the facility will use Bloom Energy's advanced fuel cell technology, which generates electricity without combustion of natural gas, and will integrate carbon capture to deliver near-zero-emissions power. The project is designed to meet Google's growing energy needs in the Cheyenne area.
The announcement follows agreements reached between Google and Black Hills Corp. effective September 30.
The construction is expected to begin in 2026, with operations starting by the end of 2028.
On the Nasdaq, shares of American Electric Power were up 0.11 percent, changing hands at $125.79
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