American Electric Power has completed the sale of its distributed resources business, OnSite Partners, to funds advised by Basalt Infrastructure Partners LLC. AEP nets approximately $318 million in cash after taxes, transaction fees and other customary adjustments.
The sales agreement was announced in May 2024 and received necessary regulatory approval from the Federal Energy Regulatory Commission and federal clearance pursuant to the Hart-Scott-Rodino Antitrust Improvement Act of 1976.
AEP has nearly 16,000 employees operate and maintains more than 40,000 miles of transmission lines, the nation's largest electric transmission system, and more than 225,000 miles of distribution lines to deliver power to 5.6 million customers in 11 states.
