Southern Company subsidiary expands renewable portfolio with wind acquisition in Maine
ATLANTA, July 5, 2016 /PRNewswire/ -- Southern Company subsidiary Southern Power today announced the acquisition of the company's first project in Maine – the Passadumkeag Windpark in Penobscot County with a nameplate capacity of approximately 43 megawatts (MW) – from an affiliate of Quantum Utility Generation.
"Southern Power's acquisition of Passadumkeag Windpark extends our national presence to 10 states and further solidifies our position as America's premier wholesale energy partner," said Southern Power President and CEO Buzz Miller. "This exciting project adds to a dynamic renewable energy portfolio that is delivering clean, safe, reliable and affordable generation to wholesale customers across the country."
The majority of the electricity and associated renewable energy credits (RECs) generated by the facility are sold under a 15-year power purchase agreement to Eversource Energy. Southern Power will retain a small percentage of the electricity and RECs generated, which it may keep or sell.
Quantum Utility Generation developed and constructed the project, and EDF Renewable Services will serve as the balance-of-plant operations and maintenance contractor. Construction activities began in 2015 and are expected to be completed shortly after this acquisition.
The project consists of 13 wind turbines manufactured by Vestas-American Wind Technology Inc. Once operational, the Passadumkeag Windpark is expected to be capable of generating enough electricity to help meet the energy needs of approximately 14,000 average U.S. homes.
With more than 2,000 MW of renewable generating capacity ownership, Southern Power assembled its nationally recognized renewable portfolio through the strategic acquisition or development of 27 solar, wind and biomass projects that are either in operation or under construction across the United States. In all, the Southern Company system has added or announced more than 4,000 MW of renewable energy projects since 2012.
Southern Power now supplies wholesale generation to more than 40 energy providers that serve more than 40 million customers across the country. The Passadumkeag project 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.
About Southern Power
About Southern Company
Cautionary Notes 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 Passadumkeag Windpark. 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 Reports on Form 10-K for the year ended December 31, 2015, 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, www.southerncompany.com