July 30, 2014
ATEL Leasing Corporation (“ATEL”) announces today the recent acquisition of a coal transfer facility valued at $32MM leased to a subsidiary of American Electric Power (“AEP”).
AEP, listed on the NYSE and an S&P 500 component, is a U.S. electric utility supplying over 5 million customers in 11 states. The company owns the largest electricity transmission system and is one of the largest generators of electricity in the nation at 38,000 megawatts.
“ATEL is pleased to provide lease financing for this strategic facility that is used to distribute coal to power plants along the Ohio River,” announced Dean Cash, President and CEO of ATEL. “For over 100 years, AEP has demonstrated the innovation and made the strategic investments in infrastructure to ensure they can provide customers with safe, reliable power for years to come. This transaction with AEP adds another outstanding asset to our Fortune 500 portfolio.”