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Ameren's (AEE) Missouri Arm Gets Nod for 400MW Solar Project
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Ameren Corporation’s (AEE - Free Report) subsidiary Ameren Missouri recently received the final regulatory nod from the Missouri Public Service Commission to build or acquire about 400 megawatts (MW) of solar energy.
Details of the Projects
The approval includes three solar projects, the first of which, the Vandalia Renewable Energy Center in Vandalia, with a generation capacity of 50 MW, is scheduled to enter service in 2025.
The other two projects are set to begin serving customers in 2026. These include the Split Rail Solar in Warren County, with a capacity of 300 MW and Bowling Green Renewable Energy Center in Bowling Green, with a capacity of 50 MW.
The three solar farms would generate enough electricity to power around 73,000 homes in Missouri. The current approval also sets the term for a potential fourth solar facility in Cass County, IL. If approved, it will have a capacity of 150 MW.
Ameren’s Shift Toward Clean Energy
With the entire utility sector undergoing the energy transition process, Ameren has also been rapidly expanding its renewable generation portfolio. To this end, the company plans on adding 2,800 MW of renewable energy by 2030 and an additional 1,900 MW by 2036. Of this, 2,700 MW of solar will be installed by 2036.
For the period 2024-2028, Ameren aims to spend $3.3 billion or 15% of its capital investment toward Ameren Missouri Renewable Generation. Further, the Huck Finn 200 MW solar project and Boomtown 150 MW solar project are expected to be completed in the fourth quarter of 2024. We believe the latest approval, which designates the company’s largest ever solar investment, along with these project completions, will put AEP one step ahead in duly achieving its renewable energy targets.
Growth Prospects & Peer Moves
With the nations rapidly adopting renewable energy as their preferred source of energy, solar power has emerged as the largest constituent of this transition. The declining installation costs and favorable government policies are expected to drive the global solar industry in the coming days. To this end, a report from the Mordor Intelligence firm estimates that the solar energy market will witness a CAGR of 28.82% during 2024-2029.
To reap the benefits of such solid growth opportunities offered by the solar market, Ameren has been expanding its footprint in this space. Other utility players that are indulging in the expansion strategy to meet the growing demand of the solar market are as follows:
NiSource (NI - Free Report) : The company currently owns two solar facilities, Indiana Crossroads Solar and Dunns Bridge I, which went into service in June 2023. While Indiana Crossroads Solar is a 200-MW facility, Dunns Bridge I Solar is a 265-MW facility.
NiSource is currently constructing two more solar projects, the Cavalry Solar Plus Storage and Dunns Bridge 2 Solar Plus Storage, which are expected to be in service in late 2024.
ALLETE (ALE - Free Report) : Multiple companies of Allete are engaged in providing solar power. The Minnesota Power company’s Integrated Resource Plan received approval from the Minnesota Public Utilities in November 2023 for adding up to 300 MW of regional solar energy by 2030.
New Energy Equity company has completed hundreds of solar projects around the country, which together produce more than 580,000,000 kilowatt-hours of electricity per year.
Alliant Energy (LNT - Free Report) : Alliant Energy plans to bring 400 MW of solar energy online in Iowa in 2024. In January 2024, Alliant Energy announced the successful completion of the Crawfish River Solar Project with a capacity of 75 MW and the Beaver Dam Solar Project with a capacity of 50 MW.
On Feb 13, 2024, LNT’s 4.5 MW Cedar Rapids Community Solar Garden started generating electricity.
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Ameren's (AEE) Missouri Arm Gets Nod for 400MW Solar Project
Ameren Corporation’s (AEE - Free Report) subsidiary Ameren Missouri recently received the final regulatory nod from the Missouri Public Service Commission to build or acquire about 400 megawatts (MW) of solar energy.
Details of the Projects
The approval includes three solar projects, the first of which, the Vandalia Renewable Energy Center in Vandalia, with a generation capacity of 50 MW, is scheduled to enter service in 2025.
The other two projects are set to begin serving customers in 2026. These include the Split Rail Solar in Warren County, with a capacity of 300 MW and Bowling Green Renewable Energy Center in Bowling Green, with a capacity of 50 MW.
The three solar farms would generate enough electricity to power around 73,000 homes in Missouri. The current approval also sets the term for a potential fourth solar facility in Cass County, IL. If approved, it will have a capacity of 150 MW.
Ameren’s Shift Toward Clean Energy
With the entire utility sector undergoing the energy transition process, Ameren has also been rapidly expanding its renewable generation portfolio. To this end, the company plans on adding 2,800 MW of renewable energy by 2030 and an additional 1,900 MW by 2036. Of this, 2,700 MW of solar will be installed by 2036.
For the period 2024-2028, Ameren aims to spend $3.3 billion or 15% of its capital investment toward Ameren Missouri Renewable Generation. Further, the Huck Finn 200 MW solar project and Boomtown 150 MW solar project are expected to be completed in the fourth quarter of 2024. We believe the latest approval, which designates the company’s largest ever solar investment, along with these project completions, will put AEP one step ahead in duly achieving its renewable energy targets.
Growth Prospects & Peer Moves
With the nations rapidly adopting renewable energy as their preferred source of energy, solar power has emerged as the largest constituent of this transition. The declining installation costs and favorable government policies are expected to drive the global solar industry in the coming days. To this end, a report from the Mordor Intelligence firm estimates that the solar energy market will witness a CAGR of 28.82% during 2024-2029.
To reap the benefits of such solid growth opportunities offered by the solar market, Ameren has been expanding its footprint in this space. Other utility players that are indulging in the expansion strategy to meet the growing demand of the solar market are as follows:
NiSource (NI - Free Report) : The company currently owns two solar facilities, Indiana Crossroads Solar and Dunns Bridge I, which went into service in June 2023. While Indiana Crossroads Solar is a 200-MW facility, Dunns Bridge I Solar is a 265-MW facility.
NiSource is currently constructing two more solar projects, the Cavalry Solar Plus Storage and Dunns Bridge 2 Solar Plus Storage, which are expected to be in service in late 2024.
ALLETE (ALE - Free Report) : Multiple companies of Allete are engaged in providing solar power. The Minnesota Power company’s Integrated Resource Plan received approval from the Minnesota Public Utilities in November 2023 for adding up to 300 MW of regional solar energy by 2030.
New Energy Equity company has completed hundreds of solar projects around the country, which together produce more than 580,000,000 kilowatt-hours of electricity per year.
Alliant Energy (LNT - Free Report) : Alliant Energy plans to bring 400 MW of solar energy online in Iowa in 2024. In January 2024, Alliant Energy announced the successful completion of the Crawfish River Solar Project with a capacity of 75 MW and the Beaver Dam Solar Project with a capacity of 50 MW.
On Feb 13, 2024, LNT’s 4.5 MW Cedar Rapids Community Solar Garden started generating electricity.