Columbus – October 14, 2026 -- American Electric Power (Nasdaq: AEP) plans to invest approximately $4 billion in a 702-megawatt fuel cell generation project near Cheyenne, Wyoming, backed by a 20-year power purchase agreement (PPA) with Google.
AEP controls 92% of the project company, Basalt funds hold nearly 8%
Google will buy power from Cheyenne Fuel Cell, LLC. AEP owns and controls about 92% of the entity, and funds advised by Basalt Infrastructure Partners, LLP hold nearly 8%. AEP and its partners plan to start construction in 2026. The facility is expected to be fully operational by the end of 2028.
Bloom Energy fuel cells to supply on-demand power to a large-load customer
The plant uses fuel cell technology developed by Bloom Energy, which can be deployed rapidly and provide reliable, on-demand power for large-load customers. The technology generates electricity without combustion of natural gas. The project also includes plans to integrate carbon capture technology to deliver near-zero-emissions power.
AEP is developing and building the facility to support Google's growing energy needs in the greater Cheyenne area.
Deal extends AEP's reach beyond its traditional service territory
AEP Chairman, President and CEO Bill Fehrman said the project shows how the utility is creating opportunities to serve customers both within and beyond its traditional service territory. He framed the approach as combining new technologies and partnerships to deliver power quickly and at scale as demand grows.
The project follows agreements between Google and Black Hills Corp. that took effect Sept. 30.