AES Indiana Acquires 106 MW Hoosier Wind in Benton County

March 7, 2024

Last week, AES Indiana, a subsidiary of The AES Corporation (NYSE: AES), closed on the acquisition of the 106 MW Hoosier Wind project, located in Benton County. The Indiana Utility Regulatory Commission (IURC) approved the acquisition from EDF Renewables North America, giving AES Indiana ownership of the asset. Hoosier Wind began supplying power in 2009 under a 20-year power purchase agreement with EDF renewable energy.

This acquisition provides $22.2 million in cost savings to AES Indiana customers over the next 6 years advances efforts to provide sustainable energy solutions and demonstrates AES Indiana’s commitments made in its latest Integrated Resource Plan (IRP) which calls for the addition of 1,300 megawatts (MW) of wind, solar and battery energy storage from new procurements in the next five years.

Hoosier Wind will provide long-term savings to its customers and benefit from lower fuel and maintenance costs. An AES Indiana customer using 1,000 kWh per month will see a decrease of approximately $0.07. Project benefits include risk reduction for the diversification of energy sources and improved environmental and sustainability performance.

“This strategic acquisition advances our investments in renewables and supports our commitment to provide customers with reliable, affordable and sustainable energy solutions,” said Brandi Davis-Handy, President, AES Indiana. “Hoosier Wind is an important contributor toward our portfolio evolution and our promise to deliver 100% clean energy to our customers by 2050.”

Hoosier Wind is located on 6,500 acres of agricultural land in Fowler, Indiana. With 53 wind turbines, the project produces enough power to satisfy 29,000 homes’ needs and reduces CO₂ emissions by 286,700 tons per year. Adding Hoosier Wind to AES Indiana’s portfolio as an owned asset supports the company’s on-going capacity needs and strategy to add renewables in AES Indiana’s resource portfolio.

Luis Silva, CFO of EDF Renewables, said, “Hoosier Wind, which was commissioned in 2009, holds the distinction of being our inaugural project in Indiana. We eagerly anticipate exploring further prospects with AES Indiana in the future.”

With the Order from the IURC, AES assumed operational responsibilities as of February 29, 2024.

In January, AES Indiana received approval from the IURC for the largest stand-alone battery energy storage system in Pike County. These projects continue to advance the Company’s commitment to growing and providing sustainable energy solutions.

About AES Indiana
AES Indiana, an AES Company, provides retail electric service to more than 500,000 residential, commercial and industrial customers in Indianapolis, as well as portions of other Central Indiana communities surrounding Marion County. During its long history, AES Indiana has supplied its customers with some of the lowest-cost, most reliable power in the country. For more information about the company, please Connect with AES Indiana on Twitter, Facebook, and LinkedIn. For more information about how AES Indiana is accelerating the future of energy, visit aesindiana.com/hellofuture.

About EDF Renewables North America

EDF Renewables North America is a market leading independent power producer and service provider with 35 years of expertise in renewable energy. The Company delivers grid-scale power: wind (onshore and offshore), solar photovoltaic, and storage projects; distribution-scale power: solar and storage; asset optimization: technical, operational, and commercial expertise to maximize performance of generating projects, and onsite solutions, through the Company’s PowerFlex subsidiary, offering a full suite of onsite energy solutions for commercial and industrial customers: solar, storage, EV charging, energy management systems, and microgrids. EDF Renewables’ North American portfolio consists of 18 GW of developed projects and 14.6 GW under service contracts. EDF Renewables North America is a subsidiary of EDF Renewables, the dedicated renewable energy affiliate of the EDF Group. For more information visit:  www.edf-re.com.  Connect with us on LinkedIn, Facebook and Twitter.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. These statements include declarations regarding management's intents, beliefs and current expectations and typically contain, but are not limited to, the terms "anticipate," "potential," "expect," "forecast," "target," "will," "intend," "believe," "project," "estimate," "plan," “seek” and similar words. Such forward-looking statements include, but are not limited to, statements with respect to infrastructure improvements, strategic objectives, management’s expectations, and other anticipated matters in connection with the acquisition of Hoosier Wind and its effects, including those on AES Indiana’s financial performance and condition. Forward-looking statements are not intended to be a guarantee of future results, but instead constitute AES Indiana’s current expectations based on reasonable assumptions. Forecasted financial information is based on certain material assumptions. These assumptions include, but are not limited to, our expectations regarding timing of events, accurate projections of market conditions and regulatory rates, future interest rates, commodity prices, and continued normal levels of operating performance and electricity volume, as well as achievements of planned productivity improvements, growth investments at normalized investment levels and rates of return consistent with prior experience.  

Actual results could differ materially from those projected in our forward-looking statements due to risks, uncertainties, and other factors. Important factors that could affect actual results are discussed in IPALCO Enterprises, Inc.’s (“IPALCO”), filings with the Securities and Exchange Commission (“SEC”), including, but not limited to, the risks discussed under Item 1A: “Risk Factors” and Item 7: "Management’s Discussion & Analysis" in IPALCO’s 2023 Annual Report on Form 10-K and in subsequent reports filed with the SEC. Readers are encouraged to read IPALCO’s filings to learn more about the risk factors associated with IPALCO’s businesses. IPALCO and AES Indiana undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except where required by law. Any security holder who desires copies of IPALCO’s periodic reports filed with the SEC may obtain copies (excluding Exhibits) without charge by addressing a request to the Office of the Corporate Secretary, IPALCO Enterprises, Inc., One Monument Circle, Indianapolis, IN 46204. Exhibits also may be requested, but a charge equal to the reproduction cost thereof will be made. Copies of the periodic reports may also be obtained by visiting AES Indiana’s website at www.aesindiana.com.