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.
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SOURCE Southern Company