AEP Plans $4 Billion Investment in 702 MW Fuel Cell Power Plant

en.Wedoany.com Reported - On October 14, American Electric Power (AEP) announced plans to invest approximately $4 billion to build a 702 MW fuel cell power project near Cheyenne, Wyoming, and to sign a 20-year power purchase agreement with Google. Construction is scheduled to begin in 2026, with full commercial operation expected by the end of 2028. The electricity generated will serve Google's data center demand in the Cheyenne area.

The project will be developed and operated by Cheyenne Fuel Cell, LLC. AEP holds approximately 92% equity in the project company and has control, while the remaining nearly 8% is held by funds managed by Basalt Infrastructure Partners. Under the power purchase agreement, Google will purchase electricity from the project company. The generation facility uses advanced fuel cell technology provided by Bloom Energy, fueled by natural gas, generating electricity through a non-combustion process. The project also plans to integrate carbon capture technology to achieve a near-zero-emission power supply solution.

AEP had previously arranged fuel cell equipment procurement for the project. On January 4, 2026, its non-regulated business subsidiary signed an approximately $2.65 billion solid oxide fuel cell purchase agreement, procuring part of the optional capacity under the equipment supply agreement signed with Bloom Energy in 2024. On the same day, the company also signed a 20-year power purchase arrangement covering the full output of the proposed plant, without disclosing the customer's name at that time. The October announcement clarified Google's identity as the offtaker, the final disclosed installed capacity of the project, and the construction timeline.