Mentioned:
American Electric Power has just landed a new multi billion dollar debt deal. And the United States Department of Energy is behind it.
What’s happening:
- The United States Department of Energy has awarded a $3.26B USD loan to American Electric Power (NASDAQ: AEP)
Why it matters:
- This is the single largest funding commitment that American Electric Power has ever received from the United States Department of Energy
Going deeper:
- American Electric Power has publicly stated they plan to use the new debt financing to fund roughly 100 new grid projects located in Texas and 2,800 miles of transmission lines
- The United States Department of Energy will charge a lower interest rate than traditional private lending to American Electric Power as part of the new deal
The intrigue:
- American Electric Power previously made waves when they struck a $2.65B USD fuel cell deal with Bloom Energy (NYSE: BE) to supply a new power facility being developed by a subsidiary of American Electric Power near Cheyenne, Wyoming
