PR Newswire
ST. LOUIS, June 20, 2023
Company's largest-ever solar investment announcement includes four projects slated to generate approximately 550 megawatts of renewable energy
ST. LOUIS, June 20, 2023 /PRNewswire/ -- Today Ameren Missouri, a subsidiary of Ameren Corporation (NYSE: AEE), announced it intends to acquire or build approximately 550 megawatts (MW) of solar energy, continuing the company's investment in renewable generation. Combined, the four projects announced today are capable of producing enough energy to supply more than 95,000 average-sized residential homes. These projects are targeted to be ready to serve customers between next year and 2026.
"These projects support our ongoing generation transformation toward more clean energy while maintaining the reliability, resiliency and affordability our customers expect," said Mark Birk, chairman and president of Ameren Missouri. "In addition, we are taking advantage of new federal incentives that will help us provide renewable energy to our customers at a lower cost."
Projects in today's announcement, in order of targeted in-service date, include:
Terms of the agreements are confidential.
Reliable Generation Transition
Today's announcement is the latest in a series fulfilling the company's long-term generation transformation plan, which ensures reliability and resiliency for customers for years to come.
"Continuing to diversify our generation portfolio – in this case increasing the amount of solar generation – will pay off, especially on those hot summer afternoons," said Ajay Arora, senior vice president and chief renewable development officer at Ameren Missouri.
To support the reliable transition, Ameren Missouri is siting new generation projects across Missouri and Illinois and is exploring future options in surrounding states.
Impact Beyond Energy
The announced projects are expected to take full advantage of available incentives, which lower the overall costs to customers. The construction and ongoing operations of all four facilities will also help boost local economies.
"Bringing new jobs and opportunities to these communities is an incredibly rewarding part of our work," Birk says. "It's part of the multiplier effect projects of this scale will have. Solar facilities do so much more than create energy. We've seen in other communities across the state that by their presence alone, they create interest and open career paths into entirely new fields."
The projects announced today are part of the company's planned addition of 2,800 MW in new renewable generation by 2030, which are included in its comprehensive plan to safeguard long-term energy reliability and resiliency for Missourians. The plan also aligns with Ameren's companywide net-zero carbon emissions goal to 2045. This goal includes both Scope 1 and Scope 2 emissions, including other greenhouse gas emissions of methane, nitrous oxide and sulfur hexafluoride. Ameren is also targeting a 60% reduction in carbon emissions by 2030 and an 85% carbon emissions reduction by 2040, based on 2005 levels.
About Ameren Missouri
Ameren Missouri has been providing electric and gas service for more than 100 years. Ameren Missouri's mission is to power the quality of life for its 1.2 million electric and 135,000 natural gas customers in central and eastern Missouri. The company's service area covers 64 counties and more than 500 communities, including the greater St. Louis area. For more information, visit Ameren.com/Missouri or follow us on Twitter at @AmerenMissouri or Facebook.com/AmerenMissouri.
Forward-looking Statements
Statements in this release not based on historical facts are considered "forward-looking" and, accordingly, involve risks and uncertainties that could cause actual results to differ materially from those discussed. Although such forward-looking statements have been made in good faith and are based on reasonable assumptions, there is no assurance that the expected results will be achieved. These statements include (without limitation) statements as to future expectations, beliefs, plans, projections, strategies, targets, estimates, objectives, events, conditions, and financial performance. In connection with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, we are providing this cautionary statement to identify important factors that could cause actual results to differ materially from those anticipated. The following factors, in addition to those discussed within Risk Factors in Ameren's and Ameren Missouri's Annual Report on Form 10-K for the year ended December 31, 2022, and elsewhere in this release and in our other filings with the SEC, could cause actual results to differ materially from management expectations suggested in such forward-looking statements:
New factors emerge from time to time, and it is not possible for us to predict all of such factors, nor can we assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained or implied in any forward-looking statement. Given these uncertainties, undue reliance should not be placed on these forward-looking statements. Except to the extent required by the federal securities laws, we undertake no obligation to update or revise publicly any forward-looking statements to reflect new information or future events.
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SOURCE Ameren Missouri
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