AEP subsidiary commits $2.65B to acquire fuel cells; 20-year offtake with investment-grade customer

AMERICAN ELECTRIC POWER CO INC

Unregulated subsidiary executed unconditional purchase agreement for solid oxide fuel cells costing ~$2.65B.
20-year offtake agreement for 100% output with high investment grade third party; facility near Cheyenne, Wyoming.
Offtake conditions expected satisfied by Q2 2026; if not, AEP compensated for all capital and costs.
Builds on Nov 2024 agreement for initial 100 MW and option for additional 900 MW of fuel cells.

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