Southern Company Subsidiary Tops 1,000 Megawatts of Renewable Energy Development with North Star Solar Acquisition
ATLANTA –Â Southern Company subsidiary Southern Power, a national leader in renewables, has surpassed 1,000 megawatts (MW) of renewable energy development with the acquisition of a controlling interest in the 60-MW North Star Solar Facility in California from First Solar, Inc. The remaining interest in the project will be owned by an affiliate of First Solar.
"Southern Power has acquired more than 1,000 MW of renewables while staying true to its conservative business model, making smart investments to help serve customers' energy needs now and in the future," said Southern Company Chairman, President and CEO Thomas A. Fanning. "Our partnership with First Solar is helping drive the strategic expansion of renewables in America as Southern Company continues developing the full portfolio of energy resources."
First Solar will build, operate and maintain the North Star Solar Facility. Construction began in July 2014, and the plant is expected to enter commercial operation this June. The facility is expected to be capable of generating enough electricity to help meet the energy needs of more than 21,000 average homes.
"Southern Power's choice of this project as the latest addition to their renewables portfolio demonstrates the value of utility-scale solar to major independent power companies," said First Solar's Vice President of Project Development for the Western United States Brian Kunz. "It also confirms First Solar continues to excel in our core capability of delivering reliable, high quality, bankable utility-scale assets to the market."
Southern Power's fifth solar acquisition in California, the North Star Solar Facility will be located on 626 acres in Fresno County and is expected to consist of approximately 750,000 of First Solar's thin-film photovoltaic solar modules mounted on single-axis tracking tables. This is the first facility in Fresno County for Southern Power and First Solar.
Southern Power's renewable energy portfolio of more than 1,000 MW of generating capacity ownership - either already in operation or under development - was assembled through the strategic development of 15 solar, wind and biomass projects across the United States, including five California solar projects. The Southern Company system has added or announced more than 3,100 MW of renewable projects since January 2012.
The electricity and associated renewable energy credits generated by the facility will be sold under a 20-year power purchase agreement with Pacific Gas and Electric Company (PGE). Headquartered in San Francisco, PGE provides energy to approximately 16 million people in Northern and Central California.
The North Star Solar Facility fits Southern Power's business strategy of growing its wholesale business through the acquisition and construction of generating assets substantially covered by long-term contracts.
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 and investor-owned utilities. Southern Power and its subsidiaries own or have the right to own 24 facilities operating or under construction in nine states with more than 9,400 MW of generating capacity in Alabama, California, Florida, Georgia, Nevada, New Mexico, North Carolina, Oklahoma and Texas.
About First Solar, Inc.
First Solar (Nasdaq: FSLR) is a leading global provider of comprehensive photovoltaic solar systems which use its advanced module and system technology. The company's integrated power plant solutions deliver an economically attractive alternative to fossil-fuel electricity generation today. From raw material sourcing through end-of-life module recycling, First Solar's renewable energy systems protect and enhance the environment. www.firstsolar.com
About Southern Company
With more than 4.5 million customers and approximately 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, listed by DiversityInc as a top company for Blacks and designated a 2014 Top Employer for Hispanics by Hispanic Network. The company received the 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.
SOURCE Southern Company
CONTACT:
Southern Company Media Relations, 404-506-5333 or 866-506-5333, southerncompany.com
First Solar, Inc. Media Relations, 602-427-3359, steve.krum@firstsolar.com
Web Site: http://www.southerncompany.com
