Southern Company subsidiary to develop Virginia site
ATLANTA – Southern Company subsidiary Southern Power is in the preliminary phase of developing land for a natural gas generating facility in Pittsylvania County, located in southern Virginia. As part of Southern Power’s strategic plan to secure potential generation sites, the company signed a purchase and sale agreement option in June with the Danville-Pittsylvania Regional Industrial Facility Authority (RIFA) for 300 acres of land in Berry Hill Industrial Park.
“This is an early step in a lengthy process as we evaluate opportunities that align with our low-risk business model,” said Southern Power CEO Buzz Miller. “Southern Power is committed to acquiring and constructing generating assets substantially covered by long-term contracts, and we believe southern Virginia could be a good fit for our strategic expansion.”
Berry Hill Industrial Park is more than 3,500 acres of publicly owned land, making it the largest in the state and the fifth largest on the East Coast. While still in development, the park is divided into 13 parcels ranging from 98 to 1,296 acres.
“Berry Hill Industrial Park was specifically developed for these types of large projects,” said RIFA and Pittsylvania County Board of Supervisors Chairman Jessie Barksdale. “This project has the potential to represent the largest single private investment ever in Pittsylvania County.”
Additionally, the project could generate jobs and economic resources for the state of Virginia and surrounding areas.
“We are excited about the potential to partner with a company that has such a reputation as Southern Power,” added RIFA Vice Chairman Sherman Saunders.
Today, Southern Power continues to strategically grow its portfolio of more than 10,800 megawatts (MW) through the acquisition and development of clean energy solutions. By owning and operating nine combined-cycle and combustion-turbine natural gas-fueled power plants that generate more than 8,000 MW across four states, Southern Power remains committed to developing viable and clean energy options.
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 that serve more than 40 million customers across the country. Southern Power and its subsidiaries own or have the rights to 39 facilities operating or under construction in 10 states with more than 10,800 MW of generating capacity in Alabama, California, Florida, Georgia, Maine, Nevada, New Mexico, North Carolina, Oklahoma and Texas.
About Southern Company
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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 Southern Power’s strategic plans. 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.