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NiSource subsidiary signs $2.2B tolling agreement for 600 MW battery storage project
NINisource Inc.
NiSource Generation Company LLC, a subsidiary of NiSource Inc., entered into a Battery Storage System Tolling Agreement with Atlas Storage 1 LLC, an indirect subsidiary of AGP Capital Holdings Pte. Ltd. Under the agreement, AGP Group will develop, construct, own, and operate a 600 MWAC / 2,400 MWh stand-alone battery energy storage system interconnected to the Midcontinent Independent System Operator (MISO) grid. NiSource Generation Company LLC will supply electricity for the project at its expense and pay approximately $2.2 billion in aggregate storage payments over an expected twenty-five-year delivery term commencing by December 1, 2027. The agreement is conditioned on AGP Group securing satisfactory engineering contracts by January 31, 2027, and will be accounted for as a finance lease obligation. NiSource Inc. operates in the energy sector, providing natural gas and electric utility services.