NIPSCO and Invenergy Sign 250-Megawatt Solar Energy Build Transfer Agreement
Agreement is the latest addition in NIPSCO’s electric generation transition bringing more affordable, clean energy to customers
MERRILLVILLE, Ind. – March 18, 2021: Northern Indiana Public Service Company, LLC (NIPSCO), a subsidiary of NiSource Inc. (NYSE: NI), and Invenergy, a leading developer and operator of sustainable energy solutions, today announced that they have signed a build transfer agreement to bring 250 megawatts (MW) of solar energy to Indiana with the Fairbanks Solar project.
Located in Sullivan County, Indiana, the Fairbanks Solar project is expected to begin commercial operations in fall 2023. Invenergy will construct the project, and NIPSCO will enter into a joint venture once construction is complete.
Over the life of the project, Fairbanks Solar will directly invest $110 million in the local economy through new tax revenues and landowner payments. The project will support up to 250 jobs during the construction period.
“We are proud to partner with Invenergy on this Fairbanks Solar build transfer agreement,” said Mike Hooper, NIPSCO president. “In addition to the positive economic impact this project will have on our home state, this project is the next step in our electric generation transition, which will save our customers $4 billion over the long term.”
“Invenergy’s partnership with NIPSCO for the Fairbanks Solar project is a significant step in bringing more affordable, clean energy to Indiana,” said Ted Romaine, Senior Vice President, Origination at Invenergy. “We are pleased to support NIPSCO’s continued investment in renewable energy while also delivering significant economic benefits to Sullivan County.”
Fairbanks Solar adds to NIPSCO’s two operating wind farms as well as eight renewable energy projects previously announced as part of NiSource’s customer-centric “Your Energy, Your Future” initiative, which includes the generation transition plan at NIPSCO. The NIPSCO projects include a combination of similar joint ventures and power purchase agreements. The company plans to be coal-free by 2028, adding a combination of cleaner energy sources to its existing portfolio of natural gas and hydroelectric generation. NIPSCO’s industry-leading generation transition will deliver a more affordable, reliable and sustainable energy mix for NIPSCO customers for years to come.
NIPSCO has requested the addition of this new project to its supply portfolio in filings with the Indiana Utility Regulatory Commission. The company expects to announce additional renewable projects in the coming weeks. Customers can learn more about NIPSCO’s “Your Energy, Your Future” plans and the latest information at NIPSCO.com/future.
Northern Indiana Public Service Company LLC (NIPSCO), with headquarters in Merrillville, Indiana, has proudly served the energy needs of northern Indiana for more than 100 years. As Indiana’s largest natural gas distribution company and the second-largest electric distribution company, NIPSCO serves approximately 820,000 natural gas and 470,000 electric customers across 32 counties. NIPSCO is part of NiSource’s (NYSE: NI) six regulated utility companies. NiSource is one of the largest fully regulated utility companies in the United States, serving approximately 3.7 million natural gas and electric customers through its local Columbia Gas and NIPSCO brands. More information about NIPSCO and NiSource is available at NIPSCO.com and NiSource.com.
NiSource Inc. (NYSE: NI) is one of the largest fully-regulated utility companies in the United States, serving approximately 3.2 million natural gas customers and 470,000 electric customers across six states through its local Columbia Gas and NIPSCO brands. Based in Merrillville, Indiana, NiSource’s approximately 7,500 employees are focused on safely delivering reliable and affordable energy to our customers and communities we serve. NiSource is a member of the Dow Jones Sustainability - North America Index and the Bloomberg Gender Equality Index and has been named by Forbes magazine among America's Best Large Employers since 2016. Additional information about NiSource, its investments in modern infrastructure and systems, its commitments and its local brands can be found at www.nisource.com. Follow us at www.facebook.com/nisource, www.linkedin.com/company/nisource or www.twitter.com/nisourceinc. NI-F
We are innovators building a sustainable world. Invenergy and its affiliated companies develop, own, and operate large-scale sustainable energy generation and storage facilities in the Americas, Europe and Asia. Invenergy's home office is located in Chicago, and it has regional development offices in the United States, Canada, Mexico, Colombia, Japan, Poland and Scotland. Invenergy has successfully developed more than 27,000 megawatts of projects that are in operation, construction or contracted, including wind, solar, and natural gas power generation facilities as well as advanced energy storage projects. For more information, please visit www.invenergy.com.
Tara McElmurry | NIPSCO Communications
Donya Mansoubi, Manager, Communications
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