ATLANTA, April 21, 2014 /PRNewswire/ -- Southern
Company subsidiary Southern Power, in partnership with Turner
Renewable Energy, has announced the official acquisition of the
partnership's second California
solar installation. The agreement to acquire the Adobe Solar
Facility, a 20-megawatt (MW) solar photovoltaic (PV) installation
in Kern County, Calif., was closed
upon successful completion of construction. The facility represents
the partnership's sixth solar project and is expected to begin
commercial operation in May. The partnership's first solar facility
in California – the 139-MW Campo
Verde Solar Facility – entered service in October 2013.
"Southern Company is committed to pursuing renewables to help
build America's energy future, and solar is an important component
of that effort," said Southern Company Chairman, President and CEO
Thomas A. Fanning. "The acquisition
of the Adobe Solar Facility – our second solar installation in
California – builds on our
development of the full portfolio of energy resources for the
benefit of customers."
The Adobe Solar Facility was built and will be operated and
maintained by SunEdison, a leading global solar technology
manufacturer and provider of solar technology and solar energy
services. Construction of the project began in the fall of 2013,
and an agreement to acquire the facility was announced in
November 2013.
Ted Turner, owner of Turner
Renewable Energy, teamed with Southern Company through a subsidiary
in January 2010 to form a strategic
alliance to pursue development of renewable energy projects in
the United States. The partnership
has primarily focused on developing and investing in solar PV
projects where solar resources are most favorable.
The Adobe Solar Facility is located on a 160-acre site in
Kern County, Calif. Electricity
generated by the plant will serve a 20-year power purchase
agreement with Southern California Edison, a subsidiary of Edison
International. Headquartered in Rosemead,
Calif., Edison International, through its subsidiaries, is a
distributor and generator of electric power, including renewable
energy.
The acquisition fits Southern Power's strategy of growing the
wholesale business in targeted markets by acquiring generating
assets and building new units, the output of which is significantly
covered by long-term contracts.
Southern Power, a subsidiary of Southern Company, is a leading
U.S. wholesale energy provider, meeting the electricity needs of
municipalities, electric cooperatives and investor-owned utilities.
Southern Power and its subsidiaries own and operate 16 facilities
in eight states, with more than 8,700 MW of generating capacity
operating in Alabama, California, Florida, Georgia, Nevada, New
Mexico, North Carolina and
Texas.
SunEdison is a global leader in semiconductor and solar
technology. SunEdison's semiconductor business has been a pioneer
in the design and development of silicon wafer technologies for
over 50 years. With R&D and manufacturing facilities in the
U.S., Europe and Asia, SunEdison enables the next generation of
high performance semiconductor devices. SunEdison's solar business
develops, finances, installs and operates distributed power plants,
delivering predictably priced solar energy and services for its
commercial, government and utility customers. SunEdison's common
stock is listed on the New York Stock Exchange (NYSE:SUNE).
Turner Renewable Energy is wholly owned by Ted Turner. Turner Enterprises, Inc., a private
company, manages the business interests, land holdings and
investments of Ted Turner, including
the oversight of 2 million acres in 12 states and in Argentina, and more than 55,000 bison.
With 4.4 million customers and nearly 46,000 megawatts of
generating capacity, Atlanta-based
Southern Company (NYSE: SO) is the premier energy company serving
the Southeast through its subsidiaries. A leading U.S. producer of
clean, safe, reliable and affordable electricity, Southern Company
owns electric utilities in four states and a growing competitive
generation company, as well as fiber optics and wireless
communications. Southern Company brands are known for energy
innovation, excellent customer service, high reliability and retail
electric prices that are below the national average. Southern
Company and its subsidiaries are leading the nation's nuclear
renaissance through the construction of the first new nuclear units
to be built in a generation of Americans and are demonstrating
their commitment to energy innovation through the development of a
state-of-the-art coal gasification plant. Southern Company has been
recognized by the U.S. Department of Defense and G.I. Jobs magazine as a top military employer
and listed by DiversityInc as a top company for Blacks. The company
received the 2012 Edison Award from the Edison Electric Institute
for its leadership in new nuclear development, was named Electric
Light & Power magazine's Utility of the Year for 2012 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 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 the completion
of construction of the Adobe Solar Facility. Southern Company and
Southern Power Company 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 Company; 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 Company's Annual Report on Form 10-K for the year
ended December 31, 2013, and
subsequent securities filings, could cause actual results to differ
materially from management expectations as suggested by such
forward-looking information: ability to control costs and
avoid cost overruns during the development and construction of
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 Company. Southern
Company and Southern Power Company expressly disclaim any
obligation to update any forward-looking information.
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SOURCE Southern Company