Southern Company Subsidiary Acquires 200-megawatt Garland Solar Facility
ATLANTA –Â Southern Company subsidiary Southern Power today announced the acquisition of a controlling interest in the 200-megawatt (MW) Garland solar facility under construction in California from Recurrent Energy, a subsidiary of Canadian Solar Inc. Southern Power now owns more than 650 MW across nine operating or planned facilities in California.
"Our solar expansion in California began in earnest with our acquisition of the Campo Verde solar project in 2013," said Southern Power President and CEO Oscar C. Harper. "Since then, our strategic acquisitions - both in the state of California and nationally - have created one of America's largest renewable portfolios with more than 1,800 MW of generation in seven states."
One of North America's largest solar developers, Recurrent Energy is constructing the facility and will retain the remaining interest in the project. Southern Power and Recurrent Energy have now announced the development of three jointly owned projects that together are expected to generate more than 550 MW of solar electricity in California and Texas. Upon completion, the Garland solar facility is expected to be capable of generating enough solar energy to meet the energy needs of approximately 45,000 homes.
"With this agreement, Recurrent Energy and Southern Power are partnering to bring more than half a gigawatt of solar power online by the end of 2016," said Canadian Solar Chairman and CEO Dr. Shawn Qu. "Southern Power's commitment to renewables underscores the important role of solar and is a clear indicator that our large-scale solar facilities are attractive assets."
Construction of the Garland solar facility began this month, with Signal Energy Constructors managing the engineering, procurement and construction of the facility. The project is being built on two sites totaling approximately 2,000 acres in Kern County, California, and is expected to create more than 300 construction jobs. The Garland solar facility is Southern Power's fourth solar project in Kern County.
The facility will consist of more than 800,000 polycrystalline photovoltaic solar modules, mounted on single-axis tracking tables, and is expected to enter commercial operation in the fourth quarter of 2016.
The electricity and associated renewable energy credits (RECs) generated by the facility will be sold under two long-term power purchase agreements with Southern California Edison (SCE), which will have the option to keep or sell the RECs.
The project 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.
With one of America's most robust renewable generation portfolios, Southern Power has announced, acquired or is constructing more than 1,800 MW of owned renewable generation with 24 solar, wind and biomass projects, including nine solar projects in California. The Garland Solar Facility adds further diversity and reliability to the Southern Company system's generation mix of nuclear, 21(st) century coal, natural gas, renewables and energy efficiency.
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 rights to 33 facilities in nine states, with more than 10,400 MW of generating capacity operating or under development in Alabama, California, Florida, Georgia, Nevada, New Mexico, North Carolina, Oklahoma and Texas.
About Recurrent Energy
Recurrent Energy, a subsidiary of Canadian Solar Inc., is redefining what it means to be a mainstream clean energy company, with utility-scale solar plants that provide competitive clean electricity. The company has more than 4 GW of solar projects in development in North America. Additional details are available at: www.recurrentenergy.com
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar (NASDAQ: CSIQ) is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects. In the past 14 years, Canadian Solar has successfully deployed over 12 GW of premium quality modules in over 70 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006.
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 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 nuclear, 21(st) 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, listed by Black Enterprise magazine as one of the 40 Best Companies for Diversity and designated a 2014 Top Employer for Hispanics by Hispanic Network. The company earned the 2014 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.
SOURCE Southern Company
CONTACT: Southern Company Media Relations, 404-506-5333 or 866-506-5333; Recurrent Energy Media Relations, 415-501-9533, PR@RecurrentEnergy.com
Web Site: http://www.southerncompany.com Â
