ATLANTA, May 21, 2020 /PRNewswire/ -- Southern Power, a leading U.S. wholesale energy provider and subsidiary of Southern Company, today announced the acquisition of its 13th wind project — the 56-megawatt (MW) Beech Ridge II Wind Facility — from Invenergy, a leading developer, owner and operator of sustainable energy solutions.
"We are pleased to announce the acquisition of our 13th wind project," said Southern Power CEO Mark Lantrip. "This project marks Southern Power's first renewable asset in the Mid-Atlantic region, and it is an important step in the continued growth of Southern Power's wind portfolio."
Located in Greenbrier County, West Virginia, Beech Ridge II was developed by Invenergy and utilizes 20 wind turbines manufactured by GE Renewable Energy. The project achieved commercial operation May 1, 2020.
The electricity and associated renewable energy credits generated by the facility are being sold under a 12-year power purchase agreement. Southern Power will be the majority owner. Invenergy will retain a minority ownership position, and Invenergy Services, a subsidiary of Invenergy that provides end-to-end energy solutions for asset owners, will operate and maintain the facility.
With the addition of Beech Ridge II, Southern Power's wind portfolio consists of more than 2,100 MW of wind generation. Southern Power's wind facilities are a part of the company's 4,510-MW renewable fleet, which consists of 41 solar and wind facilities operating or under construction.
This project aligns with Southern Company's strategy to provide a more sustainable future by investing in clean energy solutions. Southern Company was one of the first U.S. energy companies to set a long-term goal of low- to no-carbon operations by 2050.
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, some of which are owned in part with various partners, own or operate 50 facilities operating or under development in 13 states with more than 11,920 MW of generating capacity in Alabama, California, Delaware, Georgia, Kansas, Maine, Nevada, New Mexico, North Carolina, Oklahoma, Texas, Washington and West Virginia.
About Southern Company
Southern Company (NYSE: SO) is a leading energy company serving 9 million customers through its subsidiaries. The company provides clean, safe, reliable and affordable energy through electric operating companies in three states, natural gas distribution companies in four states, a competitive generation company serving wholesale customers across America, a leading distributed energy infrastructure company, a fiber optics network and telecommunications services. Southern Company brands are known for excellent customer service, high reliability and affordable prices below the national average. For more than a century, we have been building the future of energy and developing the full portfolio of energy resources, including carbon-free nuclear, advanced carbon capture technologies, natural gas, renewables, energy efficiency and storage technology. Through an industry-leading commitment to innovation and a low-carbon future, Southern Company and its subsidiaries develop the customized energy solutions our customers and communities require to drive growth and prosperity. Our uncompromising values ensure we put the needs of those we serve at the center of everything we do and govern our business to the benefit of our world. Our corporate culture and hiring practices have been recognized nationally by the U.S. Department of Defense, G.I. Jobs magazine, DiversityInc, Black Enterprise, Forbes and the Women's Choice Award. To learn more, visit www.southerncompany.com.
Cautionary Note 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 targeted reductions in greenhouse gas emissions. 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 Southern Company's and Southern Power's Annual Reports on Form 10-K for the year ended December 31, 2019, Quarterly Reports on Form 10-Q for the quarter ended March 31, 2020 and subsequent securities filings, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: the impact of recent and future federal and state regulatory changes, as well as changes in application of existing laws and regulations; available sources and costs of natural gas and other fuels; the ability to control costs and avoid cost and schedule overruns during the development, construction, and operation of facilities or other projects; the ability to construct facilities in accordance with the requirements of permits and licenses, to satisfy any environmental performance standards and the requirements of tax credits and other incentives, and to integrate facilities into the Southern Company system upon completion of construction; advances in technology; performance of counterparties under ongoing renewable energy partnerships and development agreements; state and federal rate regulations and the impact of pending and future rate cases and negotiations; and the ability to successfully operate the electric utilities' generating, transmission, and distribution facilities and Southern Company Gas' natural gas distribution and storage facilities and the successful performance of necessary corporate functions. Southern Company and Southern Power expressly disclaim any obligation to update any forward‐looking information.
SOURCE Southern Power
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