NIPSCO and Invenergy signs an energy build transfer agreement

Representative image by Tumisu from pixabay

Northern Indiana Public Service Company, LLC (NIPSCO), a subsidiary of NiSource Inc., and Invenergy, a leading developer and operator of sustainable energy solutions, signed a build transfer agreement to bring 250 megawatts (MW) of solar energy to Indiana with the Fairbanks Solar project. The project is expected to begin commercial operations by fall 2023. Invenergy will construct the project, and NIPSCO will enter into a joint venture once construction is complete.

Fairbanks Solar will directly invest $110 million in the local economy through new tax revenues and landowner payments. Mike Hooper, President, NIPSCO, said: “We are proud to partner with Invenergy on this Fairbanks Solar build transfer agreement. 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.”

Ted Romaine, Senior Vice President, Origination at Invenergy, said: “Invenergy’s partnership with NIPSCO for the Fairbanks Solar project is a significant step in bringing more affordable, clean energy to Indiana. 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 and 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.

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