Southern Company subsidiary surpasses 1,500 MW wind energy with Texas acquisition
ATLANTA, Aug. 1, 2017 /PRNewswire/ -- As part of the company's renewable growth strategy to build the future of energy, Southern Company subsidiary Southern Power today announced the acquisition of its fifth Texas wind project – the 148-megawatt (MW) Cactus Flats Wind Facility – from Renewable Energy Systems Americas Inc. (RES).
"With the energy landscape constantly changing, we remain focused on strategic opportunities that support our business objectives," said Southern Power President and CEO Buzz Miller. "The Cactus Flats Wind Facility is an important addition to our growing renewable portfolio and will provide value to our customers through clean, safe, reliable and affordable wholesale energy."
With the addition of Cactus Flats, Southern Power owns nine wind facilities capable of producing more than 1,500 MW of wholesale energy. Southern Power's wind facilities are part of the company's 3,400-MW renewable fleet, which consists of 37 solar, wind and biomass facilities from California to Maine. In total, the Southern Company system has added or announced more than 6,500 MW of renewable generation since 2012.
Located in Concho County, the 148-MW project is expected to consist of 43 wind turbines manufactured by Vestas, which will jointly maintain and operate the facility with Southern Power upon completion, expected in the third quarter of 2018. RES, who developed the project, will also provide the balance of plant construction of the facility.
Once operational, the full capacity of the electricity and associated renewable energy credits (RECs) generated by the facility will be sold under two separate power purchase agreements with General Mills and with General Motors. Both companies will have the option to keep or sell the RECs.
This project aligns with Southern Power's overall business strategy of strengthening its wholesale business through acquiring and constructing generating assets that are substantially covered by long-term contracts with creditworthy counterparties.
About Southern Power
Southern Power, a subsidiary of Southern Company, is a leading U.S. wholesale energy provider meeting the electricity needs of municipalities, electric cooperatives, investor-owned utilities and other energy customers. Southern Power and its subsidiaries own 47 facilities operating or under construction in 11 states with more than 12,700 MW of generating capacity operating or under development in Alabama, California, Florida, Georgia, Maine, Minnesota, Nevada, New Mexico, North Carolina, Oklahoma and Texas.
About Southern Company
Southern Company (NYSE: SO) is America's premier energy company, with 46,000 megawatts of generating capacity and 1,500 billion cubic feet of combined natural gas consumption and throughput volume serving 9 million electric and gas utility customers through its subsidiaries. The company provides clean, safe, reliable and affordable energy through electric utilities in four states, natural gas distribution utilities in seven states, a competitive generation company serving wholesale customers across America and a nationally recognized provider of customized energy solutions, as well as fiber optics and wireless communications. Southern Company brands are known for excellent customer service, high reliability and affordable prices that are below the national average. Through an industry-leading commitment to innovation, Southern Company and its subsidiaries are inventing America's energy future by developing the full portfolio of energy resources, including carbon-free nuclear, 21st century coal, natural gas, renewables and energy efficiency, and creating new products and services for the benefit of customers. Southern Company has been named by the U.S. Department of Defense and G.I. Jobs magazine as a top military employer, recognized among the Top 50 Companies for Diversity by DiversityInc, listed by Black Enterprise magazine as one of the 40 Best Companies for Diversity and designated a Top Employer for Hispanics by Hispanic Network. The company has earned a National Award of Nuclear Science and History from the National Atomic Museum Foundation for its leadership and commitment to nuclear development 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 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 Cactus Flats Wind 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, 2016, 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: Media Contact: Southern Company Media Relations, 404-506-5333 or 1-866-506-5333, www.southerncompany.com