American Electric Power Co. will spend $4.5 bln to develop one of the largest wind farms in the U.S. and a 350-mile transmission line, WSJ reports with the reference to the company’s information.
The wind power projects are growing popular as sustainable energy sources and start attracting serious money, as they become more competitive with other sources of electricity.
The 2,000MW project would be one of the largest single purchases of renewable energy by a utility company.
AEP will also build a 350-mile transmission line to serve homes and businesses in Texas, Oklahoma, Arkansas and Louisiana.
WSJ cited the AEP spokeswoman, Melissa McHenry, who said the project made financial sense because “it is cheaper for the customers in that area for us to add this project as opposed to other generation.”
The AEP project is expected to be completed by the end of 2020.