Southern Power continues solar acquisition binge, scoops up 3 new projects - Smart Energy Decisions

Energy Procurement, Utilities, Solar, Sourcing Renewables  -  July 8, 2016

Southern Power continues solar binge, scoops up 3 new projects

On its path to be a "renewable energy leader," Southern Co.'s unregulated electric power business has bought three new solar projects in as many days. 

In the wake of a scathing July 5 report in the New York Times regarding Southern Co.'s long-running "clean coal" project under construction in Mississippi, the Atlanta-based utility holding company issued three press releases touting deals through Southern Power for three separate solar facilities in California, Texas and North Carolina.

The company has been ramping up its ownership of renewable energy generation for months; in June, Southern Power completed the issuance of €1.1 billion aggregate principal amount of green bonds, proceeds of which it said would be used for renewable energy project acquisitions. 

The company said in its July 8 news release, announcing the joint purchase — in partnership with Turner Renewable Energy — of the 74-MW Rutherford Farm facility in North Carolina from Cypress Creek Renewables: 

With more than 2,200 MW of renewable generating capacity ownership, Southern Power assembled its nationally recognized renewable portfolio through the strategic acquisition or development of 30 solar, wind and biomass projects that are either in operation or under construction across the United States.

"The strategic acquisition of the Rutherford Farm is another step in the development of our solar portfolio," Southern Power President and CEO Buzz Miller said in announcing the deal. "This project aligns with our business model as we continue our growth as a renewable energy leader."

On July 7, Southern announced the purchase of Southern Power's third Texas solar project in less than a year – the 102-MW Lamesa solar facility – from RES America Developments Inc. On July 6, it announced Southern Power had acquired a controlling interest in the 102-MW Henrietta solar project in California from SunPower, which will own the remaining interest in the project.

In addition to growing its capacity of renewable energy generation, Southern in May completed its $425 million acquisition distributed infrastructure company PowerSecure International in a move aimed at increasing Southern's capability to meet the evolving needs of commercial and industrial customers.

 


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