IPL Announces Agreement to Acquire 195 MW Solar Plant

Indianapolis Power & Light Company (IPL), a subsidiary of the AES Corporation (NYSE: AES), today announced an agreement to acquire a 195 megawatt solar project. Expected to be completed in 2023, the solar project will be located in Clinton County, Ind., and Invenergy will develop the project and manage construction. Once operating, the solar facility will generate enough electricity to power more than 30,000 homes. The acquisition agreement is subject to approval from the Indiana Utility Regulatory Commission.

“IPL has a long history of providing safe, reliable and affordable electric service to our customers,” said Kristina Lund, IPL President and CEO. “Our investment in solar energy allows us to diversify our electric generation portfolio, while still reliably serving our customers.”

Through its recent Integrated Resource Plan, IPL identified a need for new generation resources to serve our customers’ needs. An extensive process which included an all-source request for proposals led IPL to Chicago-based Invenergy, a leading global developer and operator of sustainable energy solutions with extensive experience in solar generation.

In addition to providing affordable, renewable energy and diversifying IPL’s portfolio, the solar project will create 200 temporary construction jobs and provide landowners in the area lasting economic benefits.

“The recent advancements in digital technologies and renewable energy give our customers a wide variety of options when it comes to how they power their homes and businesses,” said Lund. “Gone are the days when customers had to choose between reliability, affordability and sustainability. Now they can have all three, and this solar project is a great example of how IPL can help our customers achieve their most important personal and business objectives.”

Construction on the project is expected to begin in the fall of 2021 and reach commercial operation in 2023.