AEP climbs on Google power pact, $4 bln investment

By Reuters News

** Shares of US utility American Electric Power AEP.O up over 1% at $127 premarket

** Co says it plans to invest about $4 billion to advance a new 702-megawatt fuel-cell generation project in Wyoming to supply electricity to Alphabet's GOOGL.O Google under a 20-year power purchase agreement

** Under the agreement, Google will purchase power from Cheyenne Fuel Cell, which is about 92% owned by AEP, while funds advised by Basalt Infrastructure Partners hold the remaining stake, AEP says

** Construction is expected to begin in 2026, with the facility slated to be fully operational by the end of 2028, AEP adds

** Says the project will use fuel-cell technology developed by Bloom Energy BE.N and is intended to support Google's growing energy needs in the Cheyenne area

** As of last close, AEP up 9% YTD

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