Southern Company subsidiary acquires Lamesa Solar Facility in Texas
ATLANTA, July 7, 2016 /PRNewswire/ -- Southern Company subsidiary Southern Power today announced the acquisition of its third Texas solar project in less than a year – the 102-megawatt (MW) Lamesa Solar Facility – from RES America Developments Inc. (RES).
"The Lamesa project is an excellent fit for Southern Power's business model," said Southern Power President and CEO Buzz Miller. "We are committed to developing renewable energy sources and are pleased with the continued growth of our solar portfolio."
Southern Power will sell the electricity and associated renewable energy credits (RECs) generated by the facility under a 15-year power purchase agreement to the city of Garland.
With more than 2,200 MW of renewable generating capacity ownership, Southern Power assembled its nationally recognized renewable portfolio through the strategic acquisition or development of 29 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 supplies wholesale generation to more than 40 energy customers that serve more than 40 million end users across the country. The Lamesa 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.
RES, which provides development, engineering, construction and operation services to renewable energy, energy storage and transmission markets across the Americas, co-developed the Lamesa project with the originating developer, BNB Renewable Energy Holdings. RES will construct and serve as the operations and maintenance contractor for the facility, which is located on 887 acres in Dawson County, Texas, and expected to consist of 410,000 photovoltaic solar panels.
Construction activities are set to begin in July, and the facility is expected to be commercially operational by mid-year 2017. Once operational, the facility is expected to be capable of generating enough electricity to help meet the energy needs of approximately 26,000 U.S. homes.
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 Lamesa Solar Facility. 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