MERRILLVILLE, Ind.,
July 17, 2020 /PRNewswire/
-- NIPSCO, a subsidiary of NiSource Inc. (NYSE: NI), today
announced the next phase of its plans to transition to lower-cost,
cleaner energy resources, with the addition of two new solar farms
that will be based in central Indiana.
The announcement is part of the energy provider's "Your Energy,
Your Future" initiative – a customer-centric effort focused on
delivering a more affordable, reliable and sustainable energy mix
for the future.
"Renewable energy technology continues to advance and it plays
an essential role in our progression toward providing lower-cost
energy resources, while maintaining the reliability our customers
expect," said Mike Hooper, NIPSCO
president. "This latest addition is another exciting step forward
for our customers and the state of Indiana as we look toward the future."
NIPSCO plans to be coal-free by 2028, and the company is adding
a combination of renewable energy sources including wind, solar and
battery storage technology to its existing natural gas generation
resources. Several Indiana-based
wind projects have previously been announced and construction
activity is underway.
NIPSCO has finalized two 20-year purchase power agreements
(PPAs) with subsidiaries of experienced renewable energy developer
NextEra Energy Resources, LLC, for the electricity generated by
these latest solar projects. The new solar capacity is expected to
be in operation by mid-2023 with the two announced projects
representing approximately 300 megawatts (MW) of nameplate
capacity.
"We are pleased to work with our partners at NIPSCO to bring
low-cost, renewable energy to customers and economic growth to the
state of Indiana," said
Matt Handel, senior vice president
of development for NextEra Energy Resources. "These two solar
projects will provide exciting new job opportunities, economic
growth and clean, homegrown electricity in Indiana for decades to come."
Project Profiles
The two projects were selected
following a comprehensive review of bids submitted through the all
source Request for Proposal (RFP) process that NIPSCO underwent in
late 2019 – which continues to affirm the conclusions of the 2018
NIPSCO Integrated Resource Plan (IRP), that wind and solar
resources were shown to be lower cost options for customers
compared to other energy resource options.
NIPSCO has requested the addition of these new projects to its
supply portfolio in filings with the Indiana Utility Regulatory
Commission.
- Brickyard Solar – The 200 MW solar project, to be
developed, constructed, owned and operated by a subsidiary of
NextEra Energy Resources, LLC will be located in Boone County. The project will include an
estimated 675,000 solar panels. NIPSCO will purchase the power
directly from Brickyard Solar.
- Greensboro Solar – This solar project, to be developed,
constructed, owned and operated by a subsidiary of NextEra Energy
Resources, LLC, will provide 100 MW of solar, along with 30 MW of
battery storage. It will be located in Henry County. The project will include an
estimated 329,500 solar panels. NIPSCO will purchase the power
directly from Greensboro Solar.
NIPSCO expects to announce additional renewable projects later
this year. Learn about NIPSCO's "Your Energy, Your Future" plans
and the latest information at NIPSCO.com/future.
About NIPSCO: Northern Indiana Public
Service Company LLC (NIPSCO), with headquarters in Merrillville, Indiana, has proudly served the
energy needs of northern Indiana
for more than 100 years. As Indiana's largest natural gas distribution
company and the second-largest electric distribution company,
NIPSCO serves approximately 820,000 natural gas and 460,000
electric customers across 32 counties. NIPSCO is part of NiSource's
(NYSE: NI) seven regulated utility companies. NiSource is one of
the largest fully regulated utility companies in the United States, serving approximately 4
million natural gas and electric customers through its local
Columbia Gas and NIPSCO brands. More information about NIPSCO and
NiSource is available at NIPSCO.com and NiSource.com.
About NiSource: NiSource Inc. (NYSE: NI) is one
of the largest fully-regulated utility companies in the United States, serving approximately 3.5
million natural gas customers and 500,000 electric customers across
seven states through its local Columbia Gas and NIPSCO brands.
Based in Merrillville, Indiana,
NiSource's approximately 8,400 employees are focused on safely
delivering reliable and affordable energy to our customers and
communities we serve. NiSource is a member of the Dow Jones
Sustainability - North America Index and the Bloomberg Gender
Equality Index and has been named by Forbes magazine among
America's Best Large Employers since 2016. Additional information
about NiSource, its investments in modern infrastructure and
systems, its commitments and its local brands can be found at
www.nisource.com. Follow us at www.facebook.com/nisource,
www.linkedin.com/company/nisource or
www.twitter.com/nisourceinc. NI-F
Forward-Looking Statements
This press release contains
forward-looking statements within the meaning of federal securities
laws. Investors and prospective investors should understand that
many factors govern whether any forward-looking statement contained
herein will be or can be realized. Any one of those factors could
cause actual results to differ materially from those projected.
Examples of forward-looking statements in this press release
include statements and expectations regarding NiSource's or any of
its subsidiaries' business, performance, growth, commitments,
investment opportunities, and planned, identified, infrastructure
or utility investments. All forward-looking statements are based on
assumptions that management believes to be reasonable; however,
there can be no assurance that actual results will not differ
materially. Factors that could cause actual results to differ
materially from the projections, forecasts, estimates, plans,
expectations and strategy discussed in this press release include,
among other things, NiSource's debt obligations; any changes in
NiSource's credit rating; NiSource's ability to execute its growth
strategy; changes in general economic, capital and commodity market
conditions; pension funding obligations; economic regulation and
the impact of regulatory rate reviews; NiSource's ability to obtain
expected financial or regulatory outcomes; any damage to NiSource's
reputation; compliance with environmental laws and the costs of
associated liabilities; fluctuations in demand from residential and
commercial customers; economic conditions of certain industries;
the success of NIPSCO's electric generation strategy; the price of
energy commodities and related transportation costs or an inability
to obtain an adequate, reliable and cost-effective fuel supply to
meet customer demands; the reliability of customers and suppliers
to fulfill their payment and contractual obligations; potential
impairments of goodwill or definite-lived intangible assets;
changes in taxation and accounting principles; potential incidents
and other operating risks associated with our business; the impact
of an aging infrastructure; the impact of climate change; potential
cyber-attacks; construction risks and natural gas costs and supply
risks; extreme weather conditions; the attraction and retention of
a qualified work force; advances in technology; the ability of
NiSource's subsidiaries to generate cash; tax liabilities
associated with the separation of Columbia Pipeline Group, Inc.;
NiSource's ability to manage new initiatives and organizational
changes; the performance of third-party suppliers and service
providers; the availability of insurance to cover all significant
losses and other matters set forth in Item 1A, "Risk Factors"
section of NiSource's Annual Report on Form 10-K for the fiscal
year ended December 31, 2017 and in
other filings with the Securities and Exchange Commission. A credit
rating is not a recommendation to buy, sell or hold securities, and
may be subject to revision or withdrawal at any time by the
assigning rating organization. In addition, dividends are subject
to board approval. NiSource expressly disclaims any duty to update,
supplement or amend any of its forward-looking statements contained
in this press release, whether as a result of new information,
subsequent events or otherwise, except as required by applicable
law.
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SOURCE NIPSCO