updated: 2/19/2013 2:18:09 PM
Indianapolis Power & Light Company has agreed to purchase solar power produced in the city for the next 15 years. The utility says the deal with Minnesota-based Sunrise Energy Ventures is part of an effort to diversify its portfolio of power resources.
July 19, 2012
Indianapolis, Ind. -- Solar power will grow by another 30 megawatts (MW) in Indianapolis, as Indianapolis Power & Light Company (IPL) announces today that it is awarding Sunrise Energy Ventures the opportunity to furnish solar power at three 10 MW sites in the IPL service territory. The power generated at the Sunrise sites would be purchased by IPL at a fixed price for 15 years, subject to approval by the Indiana Utility Regulatory Commission.
In an effort to have a more diversified portfolio of power generation resources, IPL issued a request for offers inviting companies to submit bids for up to 30 MW of renewable energy via a “reverse auction” favoring lowest rates. Qualifying renewable energy sources matched those outlined by the Renewable Energy Production (REP) program, including solar photovoltaic (PV), wind and bio-mass.
“IPL’s interest in solar energy is part of our commitment to a more diversified portfolio of power generation that includes appropriate renewable sources that allow us to provide safe, reliable energy at some of the most affordable residential prices in the nation,” said Ken Zagzebski, IPL’s President and CEO.
In addition to the planned Sunrise projects, a 60-acre 10 MW solar project at the west end of the Indianapolis International Airport plus other pending solar projects in the Indianapolis area under development could net as much as 70-80 MW of solar energy by the end of 2013. As a result, IPL could lead all Midwest utilities in the amount of solar power generated in their service territory, according to Solar Electric Power Association’s 2011 utility solar rankings.
In addition to solar, IPL also maintains 300 MW of wind power in its portfolio.
About Indianapolis Power & Light Company (IPL): Indianapolis Power & Light Company provides retail electric service to more than 470,000 residential, commercial and industrial customers in Indianapolis, as well as portions of other Central Indiana communities surrounding Marion County. During its long history, IPL has supplied its customers with some of the lowest-cost, most reliable power in the country. For more information about the company, please visit www.IPLpower.com.
About Sunrise Energy Ventures: Sunrise Energy Ventures (SEV) develops, owns and operates commercial to industrial scale solar photovoltaic (PV) equipment. SEV uses beneficial tax incentives (state and federal tax credits and accelerated depreciation) and utility production incentives to provide a revenue stream to its customers. SEV has a range of opportunities and will construct a custom program based on client-specific needs and desires.
Source: Indianapolis Power & Light Company