Basalt to acquire AEP OnSite Partners from American Electric Power for $315m.

Basalt, an independent infrastructure investment firm, agreed to acquire AEP OnSite Partners, a provider of solutions that assist customers in reducing their energy spend, from American Electric Power, a public utility holding company for $315m. "I'm grateful to the AEP OnSite Partners team and thank them for their contributions to AEP over the past decade. This sale will allow the distributed resources business and its valued employees to continue to succeed. AEP is focused on a strong balance sheet as we direct capital to our regulated operations to provide reliable, affordable energy to our customers. The proceeds from the sale will be used to support our financing plan as we make these investments to benefit customers and deliver value to all of our stakeholders," Ben Fowke, AEP interim CEO and President.