AEP signs 20-year, 702 MW fuel cell PPA with Google for Cheyenne project

American Electric Power announced on 14 October 2026 that it will invest approximately $4 billion in a 702 MW fuel cell generation facility near Cheyenne, Wyoming, under a 20-year power purchase agreement with Google^[1]. The fuel cells will be supplied by Bloom Energy under a previously announced supply agreement of up to 1 GW^[1].

Project structure

Google will purchase power from Cheyenne Fuel Cell LLC, a special-purpose vehicle approximately 92% owned by AEP, with the remaining ~8% held by funds advised by Basalt Infrastructure Partners^[1]. Structuring the deal through a non-regulated affiliate is standard practice for large infrastructure projects: it isolates the financing and liabilities of the fuel cell plant from AEP's core regulated utility business while keeping the bulk of ownership - and the long-term revenue from the Google contract - on AEP's balance sheet.

AEP plans to commence construction in 2026, with the facility expected to reach full operations by the end of 2028^[1].

Technology and emissions profile

Bloom's solid oxide fuel cells (SOFCs) generate electricity through an electrochemical reaction rather than combustion of natural gas^[1]. The project also includes plans to integrate carbon capture technology to deliver near-zero-emissions power. Bloom argues its fuel cells can be deployed within 90 days - a timeline that resonates with hyperscalers facing multi-year queues for new gas turbines and decade-long lead times for nuclear builds.

Bloom Energy solid oxide fuel cell deployment speed data center