Northern Indiana Public Service Co. LLC (NIPSCO), a subsidiary of NiSource Inc., and Invenergy, a developer and operator of sustainable energy solutions, have signed a build transfer agreement to bring 250 MW of solar energy to Indiana with the Fairbanks Solar project.
Located in Sullivan County, the project is expected to begin commercial operations in fall of 2023. Invenergy will construct the project and NIPSCO will enter into a joint venture once construction is complete. Over the life of the project, Fairbanks Solar will directly invest $110 million in the local economy through new tax revenues and landowner payments. The project will support up to 250 jobs during the construction period.
“We are proud to partner with Invenergy on this Fairbanks Solar build transfer agreement,” says Mike Hooper, president of NIPSCO. “In addition to the positive economic impact this project will have on our home state, this project is the next step in our electric generation transition, which will save our customers $4 billion over the long term.”
Fairbanks Solar adds to NIPSCO’s two operating wind farms as well as eight renewable energy projects previously announced as part of NiSource’s Your Energy, Your Future initiative, which includes the generation transition plan at NIPSCO. The NIPSCO projects include a combination of similar joint ventures and power purchase agreements.
NIPSCO has requested the addition of this new project to its supply portfolio in filings with the Indiana Utility Regulatory Commission. The company expects to announce additional renewable projects in the coming weeks.
Customers can learn more about NIPSCO’s Your Energy, Your Future plans, here.
Photo: Michael Polsky, founder and CEO of Invenergy