RBC Capital analyst Chris Dendrinos notes that an AEP filing disclosed that an unregulated subsidiary of AEP executed an unconditional purchase agreement to acquire a substantial portion of its option for fuel cells for the development and construction of a generation facility for $2.65B, and a 20-year offtake arrangement with a high investment grade third party customer for 100% of the output of the fuel cell generation facility expected to be located near Cheyenne, Wyoming. The firm says it is unclear if the transaction relates to BFC Power/Crusoe which is also in Cheyenne, WY and 900 MW. If it is separate, then RBC believes the $2.65B transaction will be viewed favorably. Recall in November 2024, a subsidiary of AEP executed a purchase agreement to acquire 100 MW of fuel cells from Bloom Energy (BE) with an option to purchase an additional 900 MW.
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