June 22, 2016
ATEL Leasing Corporation (“ATEL”) is pleased to announce the completion of a $14.5 million lease transaction with American Electric Power’s (AEP) business unit, Indiana Michigan Power Company (“I&M”). The lease involves Open Top Hopper Barges to be used for I&M’s Ohio River operations.
“As one of the largest power companies in the nation, AEP contributes significantly to the US economy and we are proud to have them as a customer for many years,” said Dean Cash, Chairman and President, ATEL Capital Group. “ATEL’s lease with I&M fulfills our charter to finance equipment that fuels the US economy and supports its largest companies.”
Indiana Michigan Power is headquartered in Fort Wayne, and its 2,450 employees serve more than 589,000 customers. I&M operates 2,600 megawatts of coal-fired generation in Indiana, 2,160 megawatts of nuclear generation in Michigan as well as sustainable sources of energy including 450 megawatts of purchased wind generation.