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American Electric Power : First Utility-Scale Solar Project for Appalachian Power Customers to Be Built in Central Virginia by Coronal Energy

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12/13/2017 | 01:02pm CET

ROANOKE, Virginia, Dec. 12 -- Appalachian Power issued the following news release:

Appalachian Power, a utility subsidiary of American Electric Power (NYSE: AEP), has announced its first photovoltaic solar generation project will be built in Rustburg, Virginia.

The 15-megawatt (MW) Depot Solar Center will be built and operated by Coronal Energy, a leading provider of renewable energy with a large portfolio of existing solar and battery storage projects across much of the U.S. Appalachian Power will purchase the output of the project under a 20-year Renewable Energy Purchase Agreement (REPA).

"Appalachian Power is excited to announce the Depot Solar Center as we move forward with the diversification of our generation portfolio," said Chris Beam, the company's president and chief operating officer. "We are pleased that the facility will be built and operated within our service area and provide other benefits that new construction will bring to surrounding communities."

"Coronal has earned a reputation for helping the country's leading utilities build the cleaner and more resilient electric grid of the future," said Danny Van Clief, Coronal Energy's chief operating officer. "It's important work that we take very seriously. To partner with Appalachian Power on their first major solar project in our home state of Virginia is something we are very proud of."

Coronal Energy has a regional office in Charlottesville, Virginia, with its corporate headquarters in Pasadena, California.

The Depot Solar Center is Coronal Energy's first project with an AEP company. It will be built on approximately 102 acres of privately-owned land at 749 Depot Road in Rustburg (Campbell County).

Coronal Energy was chosen to build the new solar project following an Appalachian Power Request for Proposals (RFP) issued in January 2017. The utility received and evaluated 37 proposals encompassing 23 specific solar projects.

The Depot Solar Center is expected to be operational by September 2019. It will be interconnected directly to the Appalachian Power system at the company's Rustburg substation adjacent to the site.

Appalachian Power is a leader in renewable energy, currently producing 1,900 Gigawatt-hours of energy annually from wind- and hydro-power--enough power to supply 150,000 homes.

Appalachian Power has 1 million customers in Virginia, West Virginia and Tennessee (as AEP Appalachian Power). It is a unit of American Electric Power, one of the largest electric utilities in the United States, delivering electricity and custom energy solutions to nearly 5.4 million customers in 11 states. AEP owns the nation's largest electricity transmission system, a more than 40,000-mile network that includes more 765-kilovolt extra-high voltage transmission lines than all other U.S. transmission systems combined. AEP also operates 224,000 miles of distribution lines. AEP ranks among the nation's largest generators of electricity, owning approximately 26,000 megawatts of generating capacity in the U.S. AEP supplies 3,200 megawatts of renewable energy to customers.

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Financials ($)
Sales 2017 15 369 M
EBIT 2017 3 401 M
Net income 2017 1 805 M
Debt 2017 21 548 M
Yield 2017 3,11%
P/E ratio 2017 20,76
P/E ratio 2018 19,71
EV / Sales 2017 3,85x
EV / Sales 2018 3,80x
Capitalization 37 634 M
Duration : Period :
American Electric Power Technical Analysis Chart | AEP | US0255371017 | 4-Traders
Technical analysis trends AMERICAN ELECTRIC POWER
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 75,5 $
Spread / Average Target -1,4%
EPS Revisions
Nicholas K. Akins Chairman, President & Chief Executive Officer
Brian X. Tierney Chief Financial Officer & Executive Vice President
Alberto G. Ruocco Chief Information Officer & Vice President
Lionel L. Nowell Independent Director
Linda A. Goodspeed Independent Director
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