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
Northern Indiana Public Service Company, LLC (NIPSCO), a subsidiary of NiSource Inc. (NYSE), 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.