Southern Company subsidiary advances solar development with fifth acquisition in Georgia
ATLANTA, June 1, 2015 /PRNewswire/ -- Building on one of the nation's largest renewable energy portfolios, Southern Company subsidiary Southern Power has announced the acquisition of the Pawpaw Solar Facility – a 30-megawatt (MW) project – from Longview Solar LLC. With the addition of the company's fifth solar acquisition in Georgia, Southern Power is developing a total of 385 MW of solar generation in the state.
"Southern Company is delivering sustainable energy solutions for the benefit of customers," said Southern Company Chairman, President and CEO Thomas A. Fanning. "This investment increases our fuel diversity and builds on our commitment to create better lives and a better energy future for America."
The Pawpaw Solar Facility was initially proposed by Longview Solar LLC – a joint venture of Elemental Energy Inc. and TUUSSO Energy, LLC – and selected by Southern Company subsidiary Georgia Power in a competitive process through the nationally recognized Georgia Power Advanced Solar Initiative.
The electricity and associated renewable energy credits (RECs) generated by the facility will be sold under a 30-year power purchase agreement with Georgia Power, which will have the option to keep or sell the RECs for the benefit of its customers or renewable energy programs.
To be located on approximately 416 acres in Taylor County, Georgia, the Pawpaw Solar Facility is expected to consist of approximately 137,000 polycrystalline solar modules from Trina Solar mounted on single-axis tracking tables manufactured by NEXTracker. Construction is slated to begin this month, and the facility is expected to enter commercial operation in the fourth quarter of 2015.
Once completed, operation and maintenance will be managed by Southern Power. DEPCOM Power will serve as the engineering, procurement and construction contractor.
Southern Power's renewable energy portfolio of more than 1,200 MW of company-owned generating capacity – either already in operation or under development – was assembled through the strategic development of a total of 17 solar, wind and biomass projects across the United States.
The Pawpaw Solar Facility fits Southern Power's business strategy of growing its wholesale business through the acquisition and construction of generating assets substantially covered by long-term contracts.
Southern Power, a subsidiary of Southern Company, is a leading U.S. wholesale energy provider, meeting the electricity needs of municipalities, electric cooperatives and investor-owned utilities. With this acquisition, Southern Power and its subsidiaries will own or have the right to own 26 facilities in nine states, with more than 9,800 MW of generating capacity operating or under development in Alabama, California, Florida, Georgia, Nevada, New Mexico, North Carolina, Oklahoma and Texas.
With more than 4.5 million customers and approximately 46,000 megawatts of generating capacity, Atlanta-based Southern Company (NYSE: SO) is the premier energy company serving the Southeast through its subsidiaries. A leading U.S. producer of clean, safe, reliable and affordable electricity, Southern Company owns electric utilities in four states and a growing competitive generation company, as well as fiber optics and wireless communications. Southern Company brands are known for energy innovation, excellent customer service, high reliability and retail electric prices that are below the national average. Southern Company and its subsidiaries are leading the nation's nuclear renaissance through the construction of the first new nuclear units to be built in a generation of Americans and are demonstrating their commitment to energy innovation through the development of a state-of-the-art coal gasification plant. Southern Company has been recognized by the U.S. Department of Defense and G.I. Jobs magazine as a top military employer, listed by DiversityInc as a top company for Blacks and designated a 2013 Top Employer for Hispanics by Hispanic Network. The company received the Edison Award from the Edison Electric Institute for its leadership in new nuclear development, was named Electric Light & Power magazine's Utility of the Year for 2012 and is continually ranked among the top utilities in Fortune's annual World's Most Admired Electric and Gas Utility rankings. Visit our website at www.southerncompany.com.
Cautionary Note Regarding Forward-Looking Statements:
Certain information contained in this release is forward-looking information based on current expectations and plans that involve risks and uncertainties. Forward-looking information includes, among other things, statements concerning the construction and subsequent operation of the Pawpaw solar facility and the future generating capacity of Southern Power and its subsidiaries' facilities. Southern Company and Southern Power caution that there are certain factors that can cause actual results to differ materially from the forward-looking information that has been provided. The reader is cautioned not to put undue reliance on this forward-looking information, which is not a guarantee of future performance and is subject to a number of uncertainties and other factors, many of which are outside the control of Southern Company and Southern Power; accordingly, there can be no assurance that such suggested results will be realized. The following factors, in addition to those discussed in each of Southern Company's and Southern Power's Annual Report on Form 10-K for the year ended December 31, 2014, and subsequent securities filings, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: the ability to control costs and avoid cost overruns during the development and construction of generating facilities, to construct facilities in accordance with the requirements of permits and licenses, and to satisfy any operational and environmental performance standards, including the requirements of tax credits and other incentives; and potential business strategies, including acquisitions or dispositions of assets or businesses, which cannot be assured to be completed or beneficial to Southern Company or Southern Power. Southern Company and Southern Power expressly disclaim any obligation to update any forward-looking information.
SOURCE Southern Company
For further information: Southern Company Media Relations, 404-506-5333 or 866-506-5333, southerncompany.com