Southern Power acquires Wildhorse Mountain Wind Facility
ATLANTA, May 29, 2018 /PRNewswire/ -- Southern Power, a leading U.S. wholesale energy provider and subsidiary of Southern Company, today announced the acquisition of its tenth wind project – the 100-megawatt (MW) Wildhorse Mountain Wind Facility, located in Pushmataha County, OK.
Roaring Fork Wind, a co-development partnership between Renewable Energy Systems Americas Inc. (RES) and Vestas, developed the project. Once operational, all electric energy, capacity and other attributes generated by the facility will be sold under a 20-year power purchase agreement to Arkansas Electric Cooperative Corporation (AECC).
"We are proud to announce our tenth wind project as we continue to build the future of energy," said Southern Power President and CEO Mark Lantrip. "Wildhorse Mountain is a great project for Southern Power's growing footprint and a shining example of our collaborative partnership with RES. Our long-time partner Vestas was also a key player in delivering on this project. We look forward to its completion and operation."
The project is expected to consist of 29 Vestas wind turbines. RES will provide the balance of plant construction of the facility, and Vestas will provide long-term maintenance of the turbines through a 20-year service agreement.
Wildhorse Mountain is expected to achieve commercial operation in the fourth quarter of 2019. AECC intends to sell the renewable energy credits associated with the electricity produced by Wildhorse Mountain. AECC does not claim that the electricity to be sold from this resource to its member cooperatives and others is "green," "renewable," "clean" or has any other environmental attribute.
"AECC works on behalf of more than 500,000 electric cooperative members to add resources, like the 100 megawatts of capacity from Wildhorse Mountain Wind Facility, to its generation portfolio," said Duane Highley, president and CEO of AECC. "This wind facility along with AECC's diverse, reliable generation portfolio provides energy at the lowest possible cost to our members."
Wildhorse Mountain is Southern Power's fourth wind project within the state of Oklahoma. With this addition, Southern Power's wind portfolio consists of more than 1,600 MW of wind generation. Southern Power's wind facilities are part of the company's 3,000-MW renewable fleet, which consists of 39 solar, wind and biomass facilities operating or under construction.
This project aligns with Southern Power's overall business strategy of strengthening its wholesale business by acquiring and developing generating assets that are covered by long-term contracts with counterparties with strong credit support.
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 49 facilities operating or under development in 11 states with more than 12,300 MW of generating capacity 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 customers through its subsidiaries. The company provides clean, safe, reliable and affordable energy through electric operating companies 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, 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. 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 Wildhorse Mountain 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, 2017, 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 Power
For further information: Southern Company Media Relations, 404-506-5333 or 1-866-506-5333, www.southerncompany.com