Southern Company subsidiary expands solar portfolio with acquisition in North Carolina
ATLANTA, July 8, 2016 /PRNewswire/ -- Southern Company subsidiary Southern Power and Turner Renewable Energy today announced the acquisition of the companies' second solar project in North Carolina – the approximately 74-megawatt (MW) Rutherford Farm facility – from Cypress Creek Renewables.
"The strategic acquisition of the Rutherford Farm is another step in the development of our solar portfolio," said Southern Power President and CEO Buzz Miller. "This project aligns with our business model as we continue our growth as a renewable energy leader."
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 30 solar, wind and biomass projects that are either in operation or under construction across the United States.
Ted Turner, owner of Turner Renewable Energy, first teamed with Southern Company through a subsidiary in January 2010 to form a strategic alliance to pursue development of renewable energy projects in the United States. This is Southern Power's 10th solar project with Turner Renewable Energy and brings the partnership's overall solar capacity to more than 415 MW.
"Turner Renewable Energy's trusted partnership with Southern Power continues to advance the development of renewable technologies across the country," said Turner. "We are pleased with our growing relationship and today's acquisition in North Carolina, which further expands the growth of solar energy."
Cypress Creek Renewables is developing and constructing the Rutherford Farm and will serve as the operations and maintenance contractor. Construction activities began in February, and the facility is expected to be commercially operational in December. The project will be covered by a long-term power purchase agreement.
Located on 489 acres in Rutherford County, Rutherford Farm is expected to consist of 289,104 fixed-tilt, monocrystalline solar panels manufactured by Trina Solar. Once operational, the facility is expected to be capable of generating enough electricity to help meet the energy needs of approximately 11,500 average North Carolina homes.
The Rutherford 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. Southern Power supplies wholesale generation to more than 40 energy customers that serve more than 40 million end users across the country.
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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 Rutherford Farm. 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
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