ATLANTA, May 23, 2018 /PRNewswire/ -- Southern Power,
a leading U.S. wholesale energy provider and subsidiary of Southern
Company, today announced that it has entered into an agreement to
sell a 33 percent minority interest in its solar portfolio to
Global Atlantic Financial Group Limited for a purchase price of
$1.175 billion.
The portfolio of projects involved in this transaction is
comprised of 26 operating solar facilities representing
approximately 1.7 gigawatts of capacity. The energy from these
facilities is sold under long-term contracts with valued customers
across the country.
"We are excited about our new partnership with Global Atlantic,"
said Southern Power President and CEO Mark
Lantrip. "Our partnership has strong strategic alignment, as
we are both focused on delivering long-term value to our customers
and stakeholders. We look forward to working alongside Global
Atlantic as we continue our work to provide clean, safe, reliable
and affordable wholesale energy to our customers across the
U.S."
Southern Power, through its subsidiaries, will act as the
general partner in the partnership and will maintain overall
operational responsibilities for the projects.
Citigroup Global Markets Inc. is serving as the financial
advisor and Jones Day is serving as
legal counsel to Southern Power. Troutman
Sanders acted as supporting counsel for this transaction.
Vinson & Elkins is serving as legal counsel to Global Atlantic
Financial Group.
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 48
facilities operating or under development in 11 states with more
than 12,200 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 companies 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 creating new products and services for the benefit
of customers. We are building the future of energy by developing
the full portfolio of energy resources, including carbon-free
nuclear, advanced carbon capture technologies, natural gas,
renewables, energy efficiency and storage technology. 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 and the number one Company for Progress
by DiversityInc, and designated as one of America's Best Employers
by Forbes magazine. Visit our
website at www.southerncompany.com.
About Global Atlantic Financial Group Limited
Global Atlantic Financial Group Limited, through its
subsidiaries, offers a broad range of retirement, life and
reinsurance products designed to help our customers address
financial challenges with confidence. A variety of options help
Americans customize a strategy to fulfill their protection,
accumulation, income, wealth transfer and end-of-life needs. In
addition, Global Atlantic offers custom solutions and responsive
service for the capital, risk and legacy-business management of
life and annuity insurance companies.
Global Atlantic was founded at Goldman Sachs in 2004 and
separated as an independent company in 2013. Its success is driven
by a unique heritage that combines deep product and distribution
knowledge with insightful investment and risk management
capabilities, alongside a strong financial foundation of over
$60 billion in assets as of
March 31, 2018.
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SOURCE Southern Power