ATLANTA, July 15, 2015 /PRNewswire/ -- Georgia Power has announced a major milestone in the development of a new 30 megawatt (MW) AC solar generation facility at Naval Submarine Base (SUBASE) Kings Bay in St. Marys, Ga. The company recently executed a real estate outgrant with the Department of the Navy (DON) which authorizes the company to use land on the base for the solar project. The agreement marks the start of a new collaboration between DON and Georgia Power where the company will develop renewable energy that will further diversify the company's energy portfolio and increase DON's energy security.
"Our innovative solar partnerships with the state's military bases, including SUBASE Kings Bay, are growing solar in Georgia, strengthening Georgia military bases, and stimulating investment in Georgia communities," said Norrie McKenzie, vice president of Renewable Development for Georgia Power. "Our latest project with the DON will add even more cost-effective solar energy to our state and further execute on our strategy of identifying opportunities for renewable growth to benefit our customers and partners."
The outgrant provides Georgia Power access to 258 acres of land at SUBASE Kings Bay for the development of ground-mounted solar photovoltaic (PV) panels to deliver energy to the state's electric grid. The company expects to break ground on the project late summer and bring the facility online by the end of 2016. The project will be brought online at or below the company's avoided cost, the amount projected it would cost the company to generate comparable energy from other sources. The solar project at SUBASE Kings Bay is estimated to represent a $75 million investment at the installation.
"We are excited to partner with Georgia Power to develop a large cost-effective renewable energy project that will enhance the Navy's energy security and operational capability," said Captain James Jenks, SUBASE Kings Bay commanding officer. "This project is important in meeting the Secretary of the Navy's energy goals."
Working with the Georgia Public Service Commission, Georgia Power is adding renewable energy as part of a diverse generation portfolio and fueling the state's momentum as one of the fastest growing solar markets in the nation. Through its various solar programs, the company is adding thousands of solar panels to Georgia's energy landscape. To learn more about Georgia Power's various solar programs, including resources and services available for homeowners, visit www.GeorgiaPower.com/Solar.
About Georgia Power
Georgia Power is the largest subsidiary of Southern Company (NYSE: SO), one of the nation's largest generators of electricity. Value, Reliability, Customer Service and Stewardship are the cornerstones of the company's promise to 2.4 million customers in all but four of Georgia's 159 counties. Committed to delivering clean, safe, reliable and affordable energy at rates below the national average, Georgia Power maintains a diverse, innovative generation mix that includes nuclear, 21st century coal and natural gas, as well as renewables such as solar, hydroelectric and wind. Consistently recognized as a leader in customer service, Georgia Power was recently ranked highest in overall business customer satisfaction among large utilities in the South by J.D. Power and Associates. For more information, visit www.GeorgiaPower.com and connect with the company on Facebook (Facebook.com/GeorgiaPower) and Twitter (Twitter.com/GeorgiaPower).
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 development, completion of construction and cost of the Kings Bay solar project. Georgia Power Company cautions 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 Georgia Power Company; accordingly, there can be no assurance that such suggested results will be realized. The following factors, in addition to those discussed in Georgia Power Company'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, to satisfy any operational and environmental performance standards, including the requirements of tax credits and other incentives, and to integrate facilities into the Southern Company system upon completion of construction; and potential business strategies, including acquisitions or dispositions of assets or businesses, which cannot be assured to be completed or beneficial to Georgia Power Company. Georgia Power Company expressly disclaims any obligation to update any forward-looking information.
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SOURCE Georgia Power