Company Announcements

NIPSCO, EDP Renewables to Bring Indiana Crossroads II Wind Farm and Indiana Crossroads Solar Park to Northwest Indiana

CHALMERS, Ind. and MERRILLVILLE, Ind., March 23, 2021 /PRNewswire/ -- EDP Renewables SA (EDPR), through its fully owned subsidiary EDP Renewables North America LLC (EDPR NA), and Northern Indiana Public Service Company, LLC (NIPSCO), a subsidiary of NiSource Inc. (NYSE: NI), have executed a long-term Power Purchase Agreement (PPA) and a Build & Transfer Agreement (BTA) for two renewable energy projects in Indiana. The PPA will enable the construction of the 204 megawatt (MW) Indiana Crossroads II Wind Farm in White County (this PPA is included in the announcement EDPR issued on March 1, 2021). NIPSCO has purchased the full capacity of power at the project, which is expected to become operational in 2023. The BTA will allow for the construction of the 200 MW Indiana Crossroads Solar Park in White County, which is anticipated to become operational in 2022. NIPSCO will enter into a joint venture once construction is complete.

Today's announcement signifies EDPR NA and NIPSCO's continued commitments to cost-effective and reliable energy growth in Indiana and directly aids in the state's transition to clean energy. The agreements also mark the third and fourth projects EDPR NA and NIPSCO have partnered on together, previously executing BTAs for two other wind farms in White County: the 302 MW Indiana Crossroads I Wind Farm, currently under construction, and the 102 MW Rosewater Wind Farm, which is now fully operational. White County continues to reap the economic benefits afforded by renewable energy projects.

"White County residents continue to see benefits from local wind and solar energy projects in the form of low-cost electricity, increased economic activity, and additional revenue for public services – all of which are critical for the community," said Gayle Rogers, White County Auditor. "We welcome these newest renewable energy projects to keep White County leading the way on clean energy development in the heart of Indiana."

EDP Renewables is the largest operator of wind farms in the state, with 1,001 MW of operational capacity. The addition of Indiana Crossroads II Wind Farm, along with EDPR NA's 200 MW Headwaters II Wind Farm and 200 MW Riverstart Solar Park, both under construction in Randolph County, will soon propel the company's operational generation to 1.6 gigawatts (GW) in Indiana, which is enough energy to power the equivalent of more than 410,000 average Indiana homes. With the inclusion of the three projects EDPR NA and NIPSCO have partnered on through BTAs, EDPR NA has developed a total of approximately 2,200 MW of renewable energy projects in the state.

"EDP Renewables is proud to work with NIPSCO to bring two more projects to White County, which are not only critical to the success of clean energy in Indiana, but for the state's economy as a whole," said Miguel Prado, EDP Renewables North America CEO. "EDPR NA is committed to accelerating the current energy transition in Indiana that is creating economic growth, attracting new businesses, and positioning the state at the forefront of renewable energy innovation."

The Indiana Crossroads II Wind Farm and Indiana Crossroads Solar Park add to 11 renewable energy projects previously announced as part of NiSource's customer-centric "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. The company plans to be coal-free by 2028, adding a combination of cleaner energy sources to its existing portfolio of natural gas and hydroelectric generation. NIPSCO's industry-leading generation transition will deliver a more affordable, reliable, and sustainable energy mix for NIPSCO customers for years to come – saving customers $4 billion over the long term.

"NIPSCO is dedicated to working with experienced energy developers like EDP Renewables who share our long-term vision of a cleaner, more affordable, and reliable energy future," saidMike Hooper, NIPSCO President. "Today's announcement is another significant step in making our customer-focused 'Your Energy, Your Future' plan a reality."

NIPSCO is requesting the addition of these new projects to its supply portfolio in filings with the Indiana Utility Regulatory Commission. Customers can learn more about NIPSCO's "Your Energy, Your Future" plans and the latest information at NIPSCO.com/future.

About EDP Renewables North America
EDP Renewables North America (EDPR NA) and its subsidiaries develop, construct, own, and operate wind farms and solar parks throughout North America. Headquartered in Houston, Texas, with 53 wind farms, eight solar parks, and seven regional offices across North America, EDPR NA has developed more than 7,500 megawatts (MW) and operates more than 7,200 MW of renewable energy projects. With more than 800 employees, EDPR NA's highly qualified team has a proven capacity to execute projects across the continent. For more information, visit www.edpr.com/north-america.

About EDP Renewables
EDP Renewables (Euronext: EDPR), is a global leader in the renewable energy sector and the world's third-largest wind energy producer. With a sound development pipeline, first class assets and market-leading operating capacity, EDPR has undergone exceptional development in recent years and is currently present in 14 international markets (Belgium, Brazil, Canada, Colombia, France, Greece, Hungary, Italy, Mexico, Poland, Portugal, Romania, Spain, the UK, and the US).

EDPR is committed to furthering social advances in terms of sustainability and integration. This is reflected by the inclusion of the company in the Bloomberg Gender Equality index and the fact that it has been certified as a Top Employer 2020 in Europe (Spain, Italy, France, Romania, Portugal, and the United Kingdom), both of which recognise its employee-driven policies.

Energias de Portugal, S.A. (EDP), the principal shareholder of EDPR, is a global energy company and a leader in value creation, innovation and sustainability. EDP has been included in the Dow Jones Sustainability Index for 13 consecutive years.

About NIPSCO
Northern Indiana Public Service Company LLC (NIPSCO), with headquarters in Merrillville, Indiana, has proudly served the energy needs of northern Indiana for more than 100 years. As Indiana's largest natural gas distribution company and the second-largest electric distribution company, NIPSCO serves approximately 820,000 natural gas and 470,000 electric customers across 32 counties. NIPSCO is part of NiSource's (NYSE: NI) six regulated utility companies. NiSource is one of the largest fully regulated utility companies in the United States, serving approximately 3.7 million natural gas and electric customers through its local Columbia Gas and NIPSCO brands. More information about NIPSCO and NiSource is available at NIPSCO.com and NiSource.com.

About NiSource
NiSource Inc. (NYSE: NI) is one of the largest fully-regulated utility companies in the United States, serving approximately 3.2 million natural gas customers and 470,000 electric customers across six states through its local Columbia Gas and NIPSCO brands. Based in Merrillville, Indiana, NiSource's approximately 7,500 employees are focused on safely delivering reliable and affordable energy to our customers and communities we serve. NiSource is a member of the Dow Jones Sustainability - North America Index and the Bloomberg Gender Equality Index and has been named by Forbes magazine among America's Best Large Employers since 2016. Additional information about NiSource, its investments in modern infrastructure and systems, its commitments and its local brands can be found at www.nisource.com. Follow us at www.facebook.com/nisource, www.linkedin.com/company/nisource or www.twitter.com/nisourceinc. NI-F

Forward-Looking Statements

This press release contains "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Investors and prospective investors should understand that many factors govern whether any forward-looking statement contained herein will be or can be realized. Any one of those factors could cause actual results to differ materially from those projected. These forward-looking statements include, but are not limited to, statements concerning our plans, strategies, objectives, expected performance, expenditures, recovery of expenditures through rates, stated on either a consolidated or segment basis, and any and all underlying assumptions and other statements that are other than statements of historical fact. All forward-looking statements are based on assumptions that management believes to be reasonable; however, there can be no assurance that actual results will not differ materially.

Factors that could cause actual results to differ materially from the projections, forecasts, estimates and expectations discussed in this press release include, among other things, our ability to execute our business plan or growth strategy, including utility infrastructure investments; potential incidents and other operating risks associated with our business; our ability to adapt to, and manage costs related to, advances in technology; impacts related to our aging infrastructure; our ability to obtain sufficient insurance coverage and whether such coverage will protect us against significant losses; the success of our electric generation strategy; construction risks and natural gas costs and supply risks; fluctuations in demand from residential and commercial customers; fluctuations in the price of energy commodities and related transportation costs or an inability to obtain an adequate, reliable and cost-effective fuel supply to meet customer demands; the attraction and retention of a qualified workforce and ability to maintain good labor relations; our ability to manage new initiatives and organizational changes; the performance of third-party suppliers and service providers; potential cyber-attacks; any damage to our reputation; any remaining liabilities or impact related to the sale of Massachusetts Business; the impacts of natural disasters, potential terrorist attacks or other catastrophic events; the impacts of climate change and extreme weather conditions; our debt obligations; any changes to our credit rating or the credit rating of certain of our subsidiaries; adverse economic and capital market conditions or increases in interest rates; economic regulation and the impact of regulatory rate reviews; our ability to obtain expected financial or regulatory outcomes; continuing and potential future impacts from the COVID-19 pandemic; economic conditions in certain industries; the reliability of customers and suppliers to fulfill their payment and contractual obligations; the ability of our subsidiaries to generate cash; pension funding obligations; potential impairments of goodwill; changes in the method for determining LIBOR and the potential replacement of the LIBOR benchmark interest rate; the outcome of legal and regulatory proceedings, investigations, incidents, claims and litigation; potential remaining liabilities related to the Greater Lawrence Incident; compliance with the agreements entered into with the U.S. Attorney's Office to settle the U.S. Attorney's Office's investigation relating to the Greater Lawrence Incident; compliance with applicable laws, regulations and tariffs; compliance with environmental laws and the costs of associated liabilities; changes in taxation; and other matters set forth in Item 1, "Business," Item 1A, "Risk Factors" and Part II. Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations," of the company's annual report on Form 10-K for the year ended December 31, 2020, some of which risks are beyond our control. In addition, the relative contributions to profitability by each business segment, and the assumptions underlying the forward-looking statements relating thereto, may change over time.

All forward-looking statements are expressly qualified in their entirety by the foregoing cautionary statements. We undertake no obligation to, and expressly disclaim any such obligation to, update or revise any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events or changes to the future results over time or otherwise, except as required by law.

 

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SOURCE NiSource Inc.