MERRILLVILLE, Ind.,
Oct. 21, 2020 /PRNewswire/
-- Northern Indiana Public Service Company LLC (NIPSCO), a
subsidiary of NiSource Inc. (NYSE: NI), today announced that it
will bring an additional 900 megawatts (MW) to Indiana with the Dunns Bridge I, Dunns Bridge
II and Cavalry Solar Energy Centers as part of the company's
long-term generation strategy.
NIPSCO has finalized three build transfer agreements with
subsidiaries of NextEra Energy Resources, LLC, the world's largest
generator of renewable energy from the wind and the sun and a
leader in energy storage. The solar projects are expected to begin
construction in 2022 and expected to be operational in 2022 and
2023.
NextEra Energy Resources will construct the projects and NIPSCO
will enter into joint ventures to own, and operate and maintain
some facets of these assets once construction is complete.
"The addition of these three solar projects and associated
battery storage is an investment in the future of Indiana and the future of NIPSCO, as we
deliver on our promise of bringing safe, reliable and affordable
energy to our customers," said Mike
Hooper, NIPSCO president. "Renewable technology continues to
advance, and we are proud to be working with NextEra Energy
Resources on the Dunns Bridge and Cavalry solar projects as we
continue to implement our 'Your Energy, Your Future' plan."
The investment in this new generation will bring economic
benefits to the state of Indiana
including both construction and long-term operating and maintenance
jobs, along with enhancing the county tax base.
"Jasper County is pleased to
continue our long-term relationship with NIPSCO with the
development of the Dunn's Bridge Solar Project," said Kendell Culp, Jasper
County commissioner. "As the county continues to search for
additional economic development projects in light of the coming
retirement of the Schahfer Generating Station, we look forward to
this new opportunity to bring stability to our county's tax
base."
The Indiana-based Dunns Bridge
I, Dunns Bridge II and Cavalry solar projects were selected through
a Request for Proposal (RFP) solicitation that NIPSCO ran as part
of its "Your Energy, Your Future" generation transition, which was
announced in its 2018 Integrated Resource Plan (IRP).
Adding these three solar projects is the next step in bringing
NIPSCO's customer-centric "Your Energy, Your Future" plan to life.
The company plans to be coal-free by 2028 adding a combination of
cleaner energy sources to its existing portfolio, which includes
natural gas and hydroelectric generation. This generation
transition helps deliver a more affordable, reliable and
sustainable energy mix for NIPSCO customers for years to come –
saving customers $4 billion over the
long term. On average, this transition would save NIPSCO customers
an estimated $105 per year, just by
eliminating the fuel costs of running its coal-fired generating
plants.
Five renewable projects have previously been announced by
NIPSCO, which include a combination of similar joint venture
agreements and purchased power agreements. Two of the wind projects
are near completion, including the Jordan Creek Wind Energy Center,
a subsidiary of NextEra Energy Resources. NIPSCO will purchase the
power directly from Jordan Creek
Wind.
Project Profiles
The three latest NIPSCO projects were
selected following a comprehensive review of bids submitted through
the all source RFP process that NIPSCO underwent in late 2019 –
which continues to affirm the conclusions of the 2018 NIPSCO IRP,
that wind and solar resources were shown to be lower cost options
for customers compared to other energy resource options.
NIPSCO will request the addition of these new projects to its
supply portfolio in filings with the Indiana Utility Regulatory
Commission (IURC).
- Dunns Bridge Solar I – The 265 MW solar project will be
located in Jasper County. The
project will include an estimated 900,000 solar panels and is
expected to be operational in 2022. Dunns Bridge Solar will be
capable of producing enough energy to power 79,500 homes.
- Dunns Bridge Solar II – This project will have 435 MW of
solar paired with 75 MW of battery storage and will also be located
in Jasper County. The project will
include an estimated 1,500,000 solar panels and is expected to be
operational in 2023. Dunns Bridge II will be capable of producing
enough energy to power 130,500 homes. Dunns Bridge Solar I & II
are expected to generate approximately $59
million in additional tax revenue for Jasper County over the life of the projects
and approximately 300 jobs during construction. This project was
originally developed by Orion Wind Resources LLC, a joint venture
between Orion Renewable Energy Group LLC and MAP® Energy. Learn
more about Dunns Bridge Solar I & II at
www.DunnsBridgeSolar.com.
- Cavalry Solar – This project will have 200 MW of solar
with 60 MW of battery storage and will be located in White County. The project will include an
estimated 650,000 solar panels and is expected to be operational in
late 2023. Cavalry Solar will be capable of producing enough energy
to power 60,000 homes. Cavalry Solar is expected to generate
approximately $25 million in
additional revenue for White
County over the life of the project and approximately 200
jobs during construction. Learn more about Cavalry Solar at
www.CavalrySolar.com.
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 470,000
electric customers across 32 counties. NIPSCO is part of NiSource's
(NYSE: NI) six regulated utility companies. NiSource is one of the
largest fully regulated utility companies in the United States, serving approximately 3.7
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 3.2 million natural gas customers and
470,000 electric customers across six states through its
local Columbia Gas and NIPSCO brands. Based in Merrillville, Indiana, NiSource's
approximately 7,500 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 NiSource Inc.