Company Announcements

NIPSCO’s latest solar facility is expected to generate 200 megawatts of solar energy with an additional 45 megawatts of battery storage technology

MERRILLVILLE, Ind.--(BUSINESS WIRE)--Aug. 19, 2024-- Taking the next step forward in its electric generation transition to a more diverse, balanced and reliable portfolio, Northern Indiana Public Service Company LLC (NIPSCO) – a subsidiary of NiSource Inc. (NYSE: NI), today announced the completion of another solar project in its electric generation fleet. Cavalry Solar is now online and operating, producing more cost-effective, cleaner energy for homes and businesses.

“The completion of Cavalry Solar, the third solar project in NIPSCO’s generating mix, is a crucial step in advancing our energy generation transition plan to provide sustainable, cost-effective and reliable energy now and into the future,” said Vince Parisi, NIPSCO President and Chief Operating Officer. “The inclusion of battery energy storage is an example of the advancing technology we’re incorporating into our energy transition to best meet the needs of our customers.”

Cavalry Energy Center, LLC, a subsidiary of NextEra Energy Resources, LLC, developed and constructed the 200-megawatt (MW) solar facility with an additional 45 MW of battery energy storage capability located in White County, Ind.

“We are pleased to work with NIPSCO on this solar project, and we look forward to continue working with them to bring additional renewable energy projects to the Hoosier state in the coming years,” said Anthony Pedroni, vice president of renewables and storage development at NextEra Energy Resources, the world’s largest generator of renewable energy from the wind and the sun, and a world leader in battery energy storage.

The facility will produce enough energy to power approximately 60,000 homes, and it is expected to generate approximately $25 million in additional tax revenue for White County over the life of the project.

Cavalry Solar joins two additional solar projects in NIPSCO’s electric generating portfolio – Indiana Crossroads Solar also located in White County and Dunns Bridge I Solar located in Jasper County. Dunns Bridge II Solar, located in Jasper and Starke counties is under construction by another subsidiary of NextEra Energy Resources.

These solar projects, combined with NIPSCO’s in-service wind projects, are performing well, and 100 percent of the excess power sales and renewable energy credit (REC) sales from these existing renewable projects and our existing generation fleet currently goes back to customers, which is nearly $80 million since 2021.

Renewable Project Profile List

The following lists represents projects that are currently operational or under construction. Projects that are power purchase agreements are noted with “(PPA).”

Completed Projects:

• Rosewater Wind Farm – 100 MW of wind, located in White County, Indiana
• Jordan Creek Wind (PPA) – 400 MW of wind, located in Benton and Warren counties, Indiana
• Indiana Crossroads I Wind – 300 MW of wind, located in White County, Indiana
• Dunns Bridge Solar I – 265 MW of solar, located in Jasper County, Indiana
• Indiana Crossroads Solar – 200 MW of solar, located in White County, Indiana
• Indiana Crossroads II Wind (PPA) – 204 MW of wind, located in White County, Indiana
• Cavalry Energy Center – 200 MW of solar and 45 MW of battery storage, located in White County, Indiana

Upcoming Projects:

• Dunns Bridge Solar II – 435 MW of solar and 56.25 MW of battery storage, located in Jasper and Starke counties, Indiana
• Green River Solar (PPA) – 200 MW of solar, located in Breckinridge and Meade counties, Kentucky
• Gibson Solar – 200 MW of solar, located in Gibson County, Indiana
• Fairbanks Solar – 250 MW of solar, located in Sullivan County, Indiana
• Templeton Wind (PPA) – 200 MW of wind, located in Benton County, Indiana
• Carpenter Wind (PPA) – 200 MW of wind, located in Jasper County, Indiana
• Appleseed Solar (PPA) – 200 MW of solar, located in Cass County, Indiana
  
  

These projects were selected through a request for proposals process as part of our Integrated Resource Plans (IRP) in 2018 and 2021, which informed NIPSCO’s overall electric generation transition plan that includes a more balanced and reliable generating portfolio* where the company plans to be coal-free by 2028, driving a reduction in carbon emissions by more than 90% by 2030, compared to a 2005 baseline.

The IRP is a regulatory process that includes an extensive analysis of a range of resource options against objectives for future electric generation portfolios to be reliable, cost-effective, sustainable, diverse and flexible. The IRP process is a requirement of all electric utilities in Indiana and takes place every three years. This year marks another IRP year, and NIPSCO will outline our long-term plan to supply electricity to our customers over the next 20 years in a final report set to be published in November. To learn more about the IRP process, visit NIPSCO.com/IRP.

*NIPSCO may sell in the future and has previously sold the Renewable Energy Credits from this generation to a third party because this helps keep our energy more affordable for our customers.

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 859,000 natural gas and 483,000 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 3.3 million natural gas customers and 500,000 electric customers across six states through its local Columbia Gas and NIPSCO brands. The mission of our approximately 7,400 employees is to deliver safe, reliable energy that drives value to our customers. NiSource is a member of the Dow Jones Sustainability - North America Index, has been named as one of TIME Magazine’s World’s Best Companies and is on Forbes lists of America’s Best Employers for Women and Diversity. Learn more about NiSource’s record of leadership in sustainability, investments in the communities it serves and how we live our vision to be an innovative and trusted energy partner at www.NiSource.com. 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. Forward-looking statements in this press release include, but are not limited to, statements concerning plans, strategies, objectives, expected performance, electric generation transition, expenditures, recovery of expenditures through rates, generation of tax revenue, and any and all underlying assumptions and other statements that are other than statements of historical fact. Expressions of future goals and expectations and similar expressions, including "may," "will," "should," "could," "would," "aims," "seeks," "expects," "plans," "anticipates," "intends," "believes," "estimates," "predicts," "potential," "targets," "forecast," and "continue," reflecting something other than historical fact are intended to identify forward-looking statements. 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 work successfully with our third-party investors; our ability to adapt to, and manage costs related to, advances in technology, including alternative energy sources and changes in laws and regulations; our increased dependency on 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 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 demand; our ability to attract, retain or re-skill a qualified, diverse workforce and maintain good labor relations; our ability to manage new initiatives and organizational changes; the actions of activist stockholders; the performance and quality of third-party suppliers and service providers; potential cybersecurity attacks or security breaches; increased requirements and costs related to cybersecurity; any damage to our reputation; the impacts of natural disasters, potential terrorist attacks or other catastrophic events; the physical impacts of climate change and the transition to a lower carbon future; our ability to manage the financial and operational risks related to achieving our carbon emission reduction goals, including our Net Zero Goal; our debt obligations; any changes to our credit rating or the credit rating of certain of our subsidiaries; adverse economic and capital market conditions, including increases in inflation or interest rates, recession, or changes in investor sentiment; economic regulation and the impact of regulatory rate reviews; our ability to obtain expected financial or regulatory outcomes; 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; the outcome of legal and regulatory proceedings, investigations, incidents, claims and litigation; compliance with changes in, or new interpretations of applicable laws, regulations and tariffs; the cost of compliance with environmental laws and regulations and the costs of associated liabilities; changes in tax laws or the interpretation thereof; 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 our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024 and June 30, 2024, 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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Tara McElmurry
Communications Manager
(219) 616-9113

Source: NiSource Inc.