NIPSCO, Capital Dynamics Ink Solar PPA
Northern Indiana Public Service Co. LLC (NIPSCO), a subsidiary of NiSource Inc., and the Clean Energy Infrastructure (CEI) business of Capital Dynamics, an independent global private asset management firm, have signed a long-term power purchase agreement (PPA).
Under the PPA, NIPSCO will purchase 280 MW of the electricity generated by a CEI-owned green field solar project, Gibson Solar. One of two projects being developed by CEI in Gibson County, Indiana. Arevon Energy Management and Tenaska will jointly develop the project and will be instrumental in signing the PPA.
The Gibson Solar project is one of 19 projects that Capital Dynamics acquired from Tenaska in November 2018 and April 2019. It occupies approximately 2,400 acres in southern Indiana. The project is currently in the development phase. Construction is expected to start in 2022 and commercial operation in 2023.
"We are proud to partner with Capital Dynamics on the Gibson Purchasing Power Agreement," said Mike Hooper, President of NIPSCO. "The addition of this indigenous Indiana solar energy project is the next step in our gradual transition to cheaper, cleaner energy for our customers."
NIPSCO has already announced eight renewable energy projects that combine a combination of similar purchasing power contracts and joint ventures as part of its customer-centric "Your Energy, Your Future" transition plan. The company plans to be carbon-free by 2028, adding a combination of clean energy sources to its existing portfolio of natural gas and hydropower plants. NIPSCO's generation change will provide NIPSCO customers with a more affordable, reliable, and sustainable energy mix in the years to come, saving customers $ 4 billion in the long term.
NIPSCO will apply to the Indiana Utility Regulatory Commission to add these new projects to its delivery portfolio. The company expects to announce additional renewable projects in the coming months.
Click here to find out more about the NIPSCO Your Energy, Your Future plan.