IRG Acquisition Holdings completed the acquisition of 1365-MW renewables portfolio from American Electric Power for $1.5bn.

IRG Acquisition Holdings, a partnership owned by Invenergy, CDPQ and funds managed by Blackstone Infrastructure, completed the acquisition of a 1365-MW renewables portfolio from American Electric Power, an investment firm, for $1.5bn. “This sale is part of our strategy to streamline and de-risk the business and focus on our regulated operations. Over the next five years, we plan to invest nearly $40bn primarily in our regulated wires and generation businesses. The proceeds from this sale will be used to continue to modernize the energy grid, shift to a more balanced generation portfolio and enhance service for our customers while strengthening our balance sheet," Julie Sloat, AEP President and CEO.