NiSource subsidiary signs 20.5-year battery storage tolling agreement with AGP unit for $2.2B

NISOURCE INC.

NiSource Generation Company LLC entered a Tolling Agreement on Oct. 15, 2026 with Atlas Storage 1 LLC, an AGP Capital Holdings Pte. Ltd. subsidiary.
AGP Group will develop, construct, own and operate a 600 MWAC / 2,400 MWh stand-alone battery energy storage system interconnected to MISO.
GenCo will supply power, control dispatch, and receive capacity, energy storage, ancillary services and environmental attributes; delivery term about 20.5 years.
GenCo expects aggregate storage payments of about $2.2 billion; the Tolling Agreement is expected to be accounted for as a finance lease under ASC 842.
Effectiveness is conditioned on AGP executing EPC and interconnection agreements by Jan. 31, 2027; GenCo has an exclusive option to purchase the Project.

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