Indiana Michigan Power (I&M), a portfolio company of American Electric Power, issued a request for proposals (RFP) for 500MW of solar capacity and 800MW of wind. The request comes as a first step in implementing the utility’s Next Tomorrow Plan, which calls for 2GW of renewable energy capacity to be added to the utility’s generation mix.
Currently, the utility owns five solar facilities and buys power from four Indiana wind power plants. The company said it generated over 80% of its energy emission-free in 2021.
I&M said it expects some renewables spurred by this RFP to be online in 2024, with the remainder of the 1.3GW online as early as the end of 2025. The RFP is open and non-discriminatory, opening the door for bidders to incorporate changes like battery storage, emerging technologies, and other resources to supplement the portfolio and provide optimum performance and affordability.
“These new resources will combine with I&M’s existing generation to provide an even more diversified and flexible generation portfolio that will stabilize energy costs over time, stimulate economic growth, reduce emissions and take advantage of new technologies,” said Dave Lucas, I&M vice president of regulatory and finance.
The RFP calls for projects located in Indiana or Michigan, and preference will be given to projects that demonstrate local impact or encourage the use of local resources.
Bids are due April 21, and contracts are expected to be awarded this year. The selected projects will be subject to approval by state regulatory commissions. Charles River Associates is serving as independent monitor for the RFP process.
