CenterPoint Energy, Inc. (NYSE: CNP) today (Oct 27) announced its Indiana-based electric and natural gas business, CenterPoint Energy Indiana South, received approval from the Indiana Utility Regulatory Commission to acquire a 300-megawatt (MW) solar array, as well as enter into a power purchase agreement (PPA) for an additional 100 MWs of solar energy as part of the company's long-term electric generation transition plan.
CenterPoint Energy entered into an agreement with Arevon Energy Management, the company that will build the utility-owned project in Posey County, Ind. The agreement required approval by the Commission. Arevon Energy Management and energy company Tenaska are co-developing the project. CenterPoint Energy will also purchase additional solar power from Clēnera, which is developing a solar project in Warrick County, Ind., under a 25-year contract.
Together, the approval of these renewable energy projects solidifies the next component of CenterPoint Energy's long-term electric generation transition plan, meeting stakeholder sustainability goals, and implementing the most economic path forward as outlined in the company's Integrated Resource Plan. The continued build out of renewable resources is reflective of CenterPoint Energy's commitment to renewable resources and its net-zero carbon by 2035 emissions goals. More information on the company's net-zero goals can be found at www.sustainability.centerpointenergy.com.
"We're pleased to receive regulatory approval to move forward with these significant renewable resources, which will serve our local electric customers, providing a cost-effective, stable energy option," said Steve Greenley, Senior Vice President, Indiana Electric Operations for CenterPoint Energy. "We look forward to the continued work with these companies to bring the Posey County solar array to fruition and provide additional clean energy to our customers through the Warrick County PPA."
Construction of the solar project with Arevon Energy Management is scheduled to be in service by 2023. The initial construction phase will require establishing a sub-station to interconnect with CenterPoint Energy's power grid. The solar array is anticipated to generate enough power to meet the needs of more than 50,000 households per year, while also helping large customers achieve their individual sustainability goals.
Clēnera projects its solar array will be in service by 2023. CenterPoint Energy's PPA entitles it to 100 MW of the array, which will generate enough power to meet the needs of more than 18,500 homes per year.
Programs and services are operated under the brand CenterPoint Energy by Southern Indiana Gas and Electric Company d/b/a CenterPoint Energy Indiana South.
Forward Looking Statement
This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this news release, the words "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "goal," "intend," "may," "objective," "plan," "potential," "predict," "projection," "should," "target," "will" or other similar words are intended to identify forward-looking statements. These forward-looking statements are based upon assumptions of management which are believed to be reasonable at the time made and are subject to significant risks and uncertainties. Actual events and results may differ materially from those expressed or implied by these forward-looking statements. Any statements in this news release regarding future events, such as CenterPoint Energy's long-term electric generation transition plan and expected timing, benefits and generation mix resulting therefrom, expected timing of completion and power to be generated from the solar projects related to the solar array and PPA, the ability to meet CenterPoint Energy's net zero goals on the timeline indicated, and any other statements that are not historical facts are forward-looking statements. Each forward-looking statement contained in this news release speaks only as of the date of this release. Important factors that could cause actual results to differ materially from those indicated by the provided forward-looking information include risks and uncertainties relating to: (1) the impact of COVID-19; (2) financial market conditions; (3) general economic conditions; (4) the timing and impact of future regulatory and legislative decisions; (5) effects of competition; (6) weather variations; (7) changes in business plans; (8) growth in CenterPoint Energy's service territory and changes in market demand; (9) CenterPoint Energy's ability to execute on operations initiatives, targets and goals; and (10) other factors, risks and uncertainties discussed in CenterPoint Energy's Annual Report on Form 10-K for the fiscal year ended December 31, 2020, CenterPoint Energy's Quarterly Reports on Form 10-Q for the quarters ended March 31, 2021 and June 30, 2021 and other reports CenterPoint Energy or its subsidiaries may file from time to time with the Securities and Exchange Commission.
About CenterPoint Energy
As the only investor-owned electric and gas utility based in Texas, CenterPoint Energy, Inc. (NYSE: CNP) is an energy delivery company with electric transmission and distribution, power generation and natural gas distribution operations that serve more than 7 million metered customers in Arkansas, Indiana, Louisiana, Minnesota, Mississippi, Ohio, Oklahoma and Texas. As of June 30, 2021, the company owned approximately $36 billion in assets and also owned 53.7 percent of the common units representing limited partner interests in Enable Midstream Partners, LP, a publicly traded master limited partnership that owns, operates and develops strategically located natural gas and crude oil infrastructure assets. With approximately 9,500 employees, CenterPoint Energy and its predecessor companies have been in business for more than 150 years. For more information, visit CenterPointEnergy.com.
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