American Electric Power (NASDAQ: AEP) plans to invest approximately $4 billion in a 702-megawatt fuel cell generation project near Cheyenne, Wyoming, under a 20-year power purchase agreement with Google, according to a company press release.

The facility will be owned by Cheyenne Fuel Cell, LLC, approximately 92% owned by AEP and nearly 8% owned by funds advised by Basalt Infrastructure Partners, LLP. Google will acquire power from the entity under the long-term agreement.

AEP and its partners plan to begin construction in 2026, with the facility expected to be fully operational by the end of 2028.

The project uses fuel cell technology developed by Bloom Energy, which generates electricity without combustion of natural gas. The project also includes plans to integrate carbon capture technology to deliver what AEP describes as near-zero-emissions power.

"As power demand continues to grow, AEP is bringing together new technologies and strong partnerships to deliver reliable, innovative energy solutions quickly and at scale," said Bill Fehrman, AEP chairman, president and chief executive officer.

The project follows separate agreements reached between Google and Black Hills Corp., effective Sept. 30. AEP is headquartered in Columbus, Ohio.