American Electric Power (NASDAQ:AEP) plans to invest approximately $4 billion to advance a new 702-megawatt fuel cell generation project near Cheyenne, Wyoming, under a long-term 20-year power purchase agreement (PPA) with Google, marking a significant step in AEP's strategy to serve growing demand from large-scale customers.

Under the PPA, Google will acquire power from Cheyenne Fuel Cell, LLC, which is approximately 92% owned and controlled by AEP, and nearly 8% owned by funds advised by Basalt Infrastructure Partners, LLP. AEP and its partners plan to start construction in 2026, and the facility is expected to be fully operational by the end of 2028.

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