AES Indiana submits request to IURC for acquisition of 170 MW solar plus battery storage project in Dubois County

August 29, 2024

Today, AES Indiana, a subsidiary of The AES Corporation (NYSE: AES), submitted a filing with the Indiana Utility Regulatory Commission requesting a Certificate of Public Convenience and Necessity (CPCN) seeking approval to acquire, construct and recover costs for the Crossvine renewable project, a solar plus battery storage project.

Crossvine, which will be purchased from Lightsource bp, is anticipated to bring 85 megawatts of solar capacity and 85 megawatts / 4 hours of battery power capacity to AES Indiana’s generation portfolio once complete in mid-2027. Lightsource bp developed and permitted the project located in Dubois County. Crossvine is anticipated to generate enough solar energy annually to supply the equivalent of approximately 14,500 homes, enabling AES Indiana to better meet customer needs and the state’s increasing power demands once complete.

“The investment in Crossvine is the next step in our decade-long energy transition that includes diverse and cleaner energy solutions for our customers,” said Brandi Davis-Handy, AES Indiana President. “How we serve our customers will continue to evolve due to factors like new technologies, the aging of our current facilities, environmental regulations and economic conditions, and Crossvine is an important part of how we’re increasing generation in our portfolio.”

Crossvine will join AES Indiana’s portfolio of renewable projects that also includes Hoosier Wind in Benton County and Hardy Hills Solar in Clinton County. The 195 MW Hardy Hills solar project became operational in May 2024 and generates 380,000 MWh annually, powering the equivalent of approximately 30,000 homes. Altogether, Hoosier Wind, Hardy Hills and Crossvine are expected to generate approximately 760,000 MWh annually from solar, enough to power the equivalent of 63,000 homes when Crossvine is operational by mid-2027.

The Crossvine project fulfills a generation need identified as part of AES Indiana’s 2022 Integrated Resource Plan (IRP) and 2024 IRP Update, which includes transitioning coal-powered units to natural gas and adding wind, solar and battery capacity over the next five years as it leads Indiana’s energy transition in a way that maintains affordability, reliability and sustainability for its customers.

“Lightsource bp is proud of the successful development of the Crossvine solar and energy storage project, and confident that under AES Indiana it will deliver tangible benefits to their customers,” said Emilie Wangerman, Chief Operating Officer of Lightsource bp US. “This partnership exemplifies our organizations’ shared mission to advance a sustainable, reliable and affordable energy infrastructure for communities.”

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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 X, Facebook and LinkedIn. For more information about how AES Indiana is accelerating the future of energy, visit aesindiana.com.

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 Crossvine 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.